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Elliott wave analysis of EUR/JPY for June 25, 2020

analytics5ef42f775ab33.jpg

EUR/JPY is in a minor correction from 121.10 preparing for a new impulsive rally higher towards the key-resistance at 122.12. A break above here will confirm that wave 2 has been completed. It is likely to test 119.41 and wave 3 is in motion for an ultimate break above the peak at 124.43.

In the short-term, we are looking for a break above minor resistance at 120.75 to confirm this minor correction is completed and the rally to 122.12 is unfolding.

R3: 122.12

R2: 121.58

R1: 121.23

Pivot: 120.75

S1: 120.19

S2: 119.88

S3: 119.60

Trading recommendation:

We are long EUR from 119.95 and we have our stop placed at 119.35.

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