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

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The EUR/JPY pair is following the expected path. It is currently in a minor correction towards 121.43 from where we expect a new impulsive rally towards at least 129.64 and more likely an extending rally in wave 3 to the 161.8% extension target at 135.42.

In the short-term, we continue to look for a dip to 121.43 and then a new push higher through resistance at 122.50 for a rally to 124.43-129.64 and likely even higher.

R3: 122.73

R2: 122.50

R1: 122.25

Pivot: 122.06

S1: 121.85

S2: 121.43

S3: 121.20

Trading recommendation:

We will buy EUR at 121.50 or upon a break above 122.50

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