FX.co ★ Elliott wave analysis of EUR/JPY for June 25 - 2019

EUR/JPY is currently correcting the first impulsive rally from 120.92. Ideally, support in the 121.50 - 121.70 area will be able to protect the downside for the next rally higher towards 123.18 and 124.16 as the next hurdles towards the upside.

Longer term EUR/JPY ultimately should break above the 127.50 peak.

Only an unexpected break below support at 120.92 will invalidate our bullish expectations

R3: 123.75

R2: 123.18

R1: 122.45

Pivot: 121.85

S1: 121.70

S2: 121.50

S3: 120.92

Trading recommendation:

We are long EUR from 121.98 with our stop placed at 120.85