FX.co ★ Elliott wave analysis of EUR/JPY for May 21 - 2019

We continue to look for a break above minor resistance to indicate, that wave ii has completed and wave iii towards 129.35 is developing.

Short-term we seen support at 122.80 and again at 122.26. We expect that support at 122.80 will be able to protect the downside for a solid break above 123.25 confirming a new impulsive rally is developing.

R3: 124.15

R2: 123.60

R1: 123.25

Pivot: 123.00

S1: 122.80

S2: 122.26

S3: 122.06

Trading recommendation:

We are long EUR from 122.25 with our stop at break-even at 122.25.