FX.co ★ Elliott wave analysis of EUR/JPY for August 15 - 2019

Support at 118.41 has failed to hold up EUR/JPY and the pair is now threatening to break below short-term important support at 117.69. If this support fails too, then a new low for the decline from 127.50 should be expected closer to 116.75.

Only a direct break back above minor resistance at 119.11 will ease the downside pressure and call for a re-test of resistance in the 119.88 - 119.59 area.

R3: 119.11

R2: 118.70

R1: 118.25

Pivot: 117.69

S1: 117.49

S2: 117.15

S3: 116.75

Trading recommendation:

We are long EUR from 118.40 with our stop placed at 117.40