Elliott wave analysis of EUR/JPY for July 28, 2020

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After a small correction to 123.22, EUR/JPY is ready to clear minor resistance at 123.87 and more importantly break above resistance at 124.29 for a continuation higher to 125.82 on the way towards the next major upside target at 129.26.

Look for support at 123.60 and again at 123.19. The latter should be able to protect the downside or a new test of 122.81 and likely just below will be seen.

R3: 124.85

R2: 124.30

R1: 123.87

Pivot: 123.60

S1: 123.31

S2: 123.19

S3: 122.81

Trading recommendation:

We are long EUR from 123.35 and we will place our stop at 122.75

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