Elliott wave analysis of EUR/JPY for July 23, 2020

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EUR/JPY has gained ground and it is now testing resistance at 124.43. This resistance should eventually give way for further growth to 125.85 and higher to 129.26. We have now entered a period, where EUR/JPY is likely to accelerate the uptrend and continue to defy a possible negative divergence.

Support is currently seen at 122.98, which will be able to protect the downside for a continuation through resistance at 124.43.

R3: 125.85

R2: 125.24

R1: 124.43

Pivot: 123.89

S1: 123.67

S2: 123.32

S3: 122.98

Trading recommendation:

We are long EUR from 122.51 and we will raise our stop to 123.00

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