FX.co ★ Elliott wave analysis of EUR/JPY for July 11, 2019

EUR/JPY has turned to be lower as expected. The minor rally from 121.44 did not show an impulsive structure, which calls for more downside pressure closer to strong support near 121.00 before a more solid bottom is formed and the next impulsive rally begins.

Only a direct breakout above resistance at 122.09 will indicate the bottom is formed and the next impulsive rally to above 123.38 is developing.

R3: 122.54

R2: 122.39

R1: 122.09

Pivot: 121.93

S1: 121.59

S2: 121.29

S3: 121.00

Trading recommendation:

The final 50% of our position from 121.50 have been sold at 121.79. We will buy EUR again at 121.15 or upon a breakout above 122.09