FX.co ★ Elliott wave analysis of EUR/JPY for August 6 - 2019

EUR/JPY saw a low at 117.67 just sky of our ideal target at 117.47. The following break above minor resistance at 118.92 is a good indication that a long-term bottom could be in place at 117.67, but we need a follow-though towards the upside and a break above resistance at 121.38 to confirm the low is in place.

The short-term minor support is seen at 118.92 and again at 118.35. Thus, it is likely to be able to protect the downside for more upside pressure towards 121.38 and above.

R3: 121.38

R2: 120.73

R1: 120.33

Pivot: 119.90

S1: 119.52

S2: 118.92

S3: 118.35

Trading recommendation:

We bought EUR at 118.95 and we have placed our stop at 118.30