Elliott wave analysis of EUR/JPY for June 16, 2020

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The correction from 121.82 completed with a dip to 120.31 before starting to rally higher to break above the minor peak at 121.82. We should expect support near 121.47 being able to protect the downside for the next push higher towards 122.50 and 123.49 on the way higher to the next upside target at 125.76.

The push to 125.76 should complete wave iii and set the stage for a new larger correction. However, our focus should remain on the upside.

R3: 123.49

R2: 122.87

R1: 122.50

Pivot: 121.85

S1: 121.70

S2: 121.47

S3: 120.97

Trading recommendation:

We are long EUR from 120.90 and we will move our stop higher to 120.25

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