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

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EUR/JPY failed to break back above minor resistance at 119.36 which turned into a new downside pressure with a new low at 118.32. With the 61.8% corrective target, EUR/JPY is ready to challenge the upside again, but we need a break above minor resistance at 119.37 and more importantly, a break above 119.36 to confirm that the corrective downside pressure is complete and a new impulsive rally higher to 122.02 is developing.

R3: 120.70

R2: 120.33

R1: 119.88

Pivot: 119.36

S1: 118.54

S2: 118.32

S3: 118.03

Trading recommendation:

We are long EUR from 118.95 with our stop placed at 118.30

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