FX.co ★ Elliott wave analysis of EUR/JPY for July 19, 2019

EUR/JPY is now close to testing our ideal downside target at 120.62. The low has been seen at 120.76. This is enough to reach our target and complete the wave II as well as turn EUR/JPY higher in a new impulsive rally in the wave III.

The first strong indication that the wave III is developing will be a breakout above resistance at 121.53, while a breakout above resistance at 122.32 will confirm the wave III being in motion.

R3: 122.32

R2: 121.84

R1: 121.53

Pivot: 121.15

S1: 120.76

S2: 120.62

S3: 120.30

Trading recommendation:

We have bought EUR at 120.85