Elliott wave analysis of EUR/JPY for July 21, 2020

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A minor corrective dip to 122.23 is likely to occur before the next rally higher towards 124.43. A break above here will open the way to 129.26. Only an unexpected break below 121.79 will delay the expected impulsive rally higher to 124.43 and a corrective dip to 121.43 before the next rally higher.

R3: 124.12

R2: 123.32

R1: 123.00

Pivot: 122.79

S1: 122.50

S2: 122.23

S3: 122.19

Trading recommendation:

We are long EUR from 122.51 with our stop placed at 121.75

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