Elliott wave analysis of EUR/JPY for July 9, 2021


EUR/JPY broke below support at 130.04 indicating a double zig-zag correction unfolding. Ideally, we will see the second zig-zag dip to a low of 129.34 to complete wave 4/ and set the stage for the next impulsive rally higher towards the long-term target for wave 5/ at 135.42.

In the short-term, a break above minor resistance at 131.04 will indicate that wave 4/ has completed and wave 5/ is in motion.

Trading recommendation:

Buy EUR near 129.34 for a rally towards 135.42

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