Elliott wave analysis of EUR/JPY for August 16 - 2019

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The EUR/JPY pair dipped shortly below 117.69. The final dip is likely to advance to 116.73 before the decline from 127.50 bottoms. Only a direct break above minor resistance at 118.58 will ease the downside pressure but we still need a break above resistance at 119.88 to confirm a bottom being in place for a rally higher to 121.38 and above.

R3: 119.58

R2: 118.98

R1: 118.58

Pivot: 117.97

S1: 117.63

S2: 117.25

S3: 116.73

Trading recommendation:

We remain long EUR from 118.40 with our stop placed at 116.40

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