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Elliott wave analysis of EUR/JPY for August 5, 2020

analytics5f2a37b42d554.jpg

We are still looking for one more push higher towards resistance in the 125.58 - 125.82 area to complete wave iii and set the stage for a temporary sideways correction. Once this wave iv correction is completed more upside pressure should be expected towards at least 127.25 and likely even closer to 129.26.

Support is seen in the 124.33 - 124.57 area

R3: 125.82

R2: 125.58

R1: 125.06

Pivot: 124.57

S1: 124.33

S2: 124.23

S3: 123.78

Trading recommendation:

We are long EUR from 123.35 with our stop placed at 124.00. We will take profit on 50% of our long position at 125.50

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