FX.co ★ Elliott wave analysis of EUR/JPY for May 15 - 2020

EUR/JPY corrected perfectly to the 61.8% target at 115.33 before going higher as expected. We will now be looking for a break above minor resistance at 116.38. A break above resistance at 116.86 will confirm that the next impulsive rally in wave iii/ is in motion to 119.34 and likely even closer to 121.16 on the way higher to 122.88. There we find strong resistance.

Short-term support is seen at 115.77 and strong support is seen at 115.48. It should be able to protect the downside and send EUR/JPY higher again.

R3: 116.86

R2: 116.37

R1: 115.92

Pivot: 115.77

S1: 115.61

S2: 115.48

S3: 115.29

Trading recommendation:

We bought EUR at 115.65 and have our stop placed at 114.35 for now