FX.co ★ Elliott wave analysis of EUR/JPY for June 5, 2019

EUR/JPY is about to test important resistance at 122.26 and a clear breakout above it will confirm that the wave ii has completed with the test of 120.75 and the wave iii is developing for a new impulsive rally to above 127.50.

Short-term support is now seen at 121.27 which will protect the downside for a test of the breakout above 122.26.

R3: 122.47

R2: 122.26

R1: 121.85

Pivot: 121.57

S1: 121.27

S2: 121.14

S3: 120.75

Trading recommendation:

We are long EUR from 120.75 and we will move our stop higher to 120.70.