FX.co ★ Elliott wave analysis of EUR/JPY for May 22, 2019

EUR/JPY is breaking above short-term important resistance at 123.25 which confirm that the wave ii has completed with the test of 122.06 and the wave iii towards 129.35 is developing. The next short-term target is seen at 124.19 and then at 125.22 as EUR/JPY paves the way higher.

Support is now seen at 122.99 and again at 122.65. The latter should be able to protect the downside as the wave iii continues going higher.

R3: 124.65

R2: 124.19

R1: 123.62

Pivot: 123.11

S1: 122.99

S2: 122.65

S3: 122.48

Trading recommendation:

We are long EUR from 122.25 and we will move our stop higher to 122.55.