FX.co ★ Elliott wave analysis of EUR/JPY for July 25, 2019

EUR/JPY is carrying on with a decline. The downward pressure will stay until a break above minor resistance at 120.69 and more importantly a break above 121.28 is seen. We think the downside potential from here is very limited, but non the less it will stay until a break above 120.69 is seen.

A break above 120.69 will call for a move closer towards 121.28 and only above here will confirm that wave II finally have bottomed and wave III higher through 122.32 and 123.36 is developing.

R3: 121.28

R2: 121.07

R1: 120.69

Pivot: 120.55

S1: 120.19

S2: 120.00

S3: 119.80

Trading recommendation:

We remain long EUR from 120.85