FX.co ★ Elliott wave analysis of EUR/JPY for July 2, 2019

EUR/JPY has dipped just below the 122.25 corrective target. We expect the support area between 122.13 - 122.25 will continue to protect the downside for a breakout above minor resistance at 122.42 and, more importantly, above resistance at 123.00 that confirms the next impulsive rally towards 124.14 and higher.

Only an unexpected breakout below 121.62 will frustrate our bullish outlook.

R3: 123.00

R2:122.63

R1: 122.42

Pivot: 122.14

S1: 121.85

S2: 121.62

S3: 121.47

Trading recommendation:

We are long EUR from 121.98 with our stop placed at 121.60