Elliott wave analysis of EUR/JPY for July 29, 2020

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EUR/JPY failed to break above minor resistance at 124.92 for a rise higher to 125.82 and 127.38 on the way to 129.26. We do think that support in the 122.87-123.05 area will be able to protect the downside from another push higher through resistance at 124.92 for a continuation higher to 125.82 and 127.38 as the next minor targets on the way towards 129.26.

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 on EUR from 123.35 with our stop placed at 122.75

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