Elliott wave analysis of EUR/JPY for July 9, 2020

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Support near 121.31 gave away for a dip to the 121.10 target (the low was seen at 121.14) before the next push higher through minor resistance at 121.87. The pair rose to key-resistance at 122.11. Thus, a break above here will pave the way for an impulsive rally to the former peak at 124.43.

Resistance will be seen at 122.46 and 123.52, while support is seen at 121.87 and 121.60.

R3: 122.88

R2: 122.46

R1: 122.10

Pivot: 121.87

S1: 121.60

S2: 121.39

S3: 121.25

Trading recommendation:

We are long EUR from 119.95 and we will move our stop higher to 121.25

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