Elliott wave analysis of EUR/JPY for July 9 - 2019

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EUR/JPY has continued to go higher and we now see short-term important support at 121.50. If EUR/JPY can stay above this support and conquer resistance at 122.24, then the upside is open for a continuation through 123.38 and above the 127.50 peak.

If, however, support at 121.50 is broken then a final dip closer to 121.00 should be expected. A break below support at 120.94 is highly undesirable as it will re-open the downside.

R3: 122.54

R2: 122.24

R1: 122.13

Pivot: 121.82

S1: 121.50

S2: 121.32

S3: 120.94

Trading recommendation:

We are long EUR from 121.50 and we will move our stop higher to break-even at 121.50

The material has been provided by InstaForex Company - www.instaforex.com