FX.co ★ Elliott wave analysis of EUR/JPY for June 20 - 2019

We continue to look for a final dip closer to 119.65. Therefore, we are seeing weakness in momentum for the decline from 127.50. This indicates that we are getting close to a possible bottom for wave ii and setting the stage for the next impulsive rally, which ultimately will bring us back above the 127.50 peak.

A break above minor resistance at 122.13 will be a strong indication that wave ii is complete and wave iii is developing.

R3: 122.13

R2: 121.89

R1: 121.65

Pivot: 121.34

S1: 121.04

S2: 120.75

S3: 120.50

Trading recommendation:

We will buy EUR at 119.75 or upon a break above 122.13