Elliott wave analysis of EUR/JPY for July 6, 2020

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EUR/JPY continues to move higher. It is now trying to break above the last weeks' sideways consolidation indicating renewed upside pressure towards 122.12 as the next minor upside target. In the longer term, EUR/JPY should continue to move higher towards the 124.43 peak and ultimately also break above here for a rally towards at least 129.30.

Short-term support is seen in the 121.10 - 121.30 area, which is expected to protect the downside for the next push towards 122.12.

R3: 122.12

R2: 121.71

R1: 121.56

Pivot: 121.30

S1: 121.10

S2: 120.95

S3: 120.71

Trading recommendation:

We are long EUR from 119.95 and we wil raise our stop to 120.71

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