Elliott wave analysis of EUR/JPY for July 30, 2020

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Support in the 122.81 - 123.05 area has protected the downside and we should expect a new break above minor resistance at 123.92. The pair may rise to 125.82 and 127.38 as EUR/JPY is trying to reach 129.26.

Support is seen in the 122.87 - 123.05 area, which we think will be able to protect the downside for the next push higher.

R3: 124.85

R2: 124.30

R1: 123.92

Pivot: 123.60

S1: 123.31

S2: 122.91

S3: 122.81

Trading recommendation:

We are long EUR from 123.35 with our stop placed at 122.75

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