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18.06.201906:34 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for June 18 - 2019

Long-term review

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We are looking for important support at 121.22 to protect the downside for a break above resistance at 122.13 that will confirm red wave ii being complete and red wave iii taking over for a new strong rally towards at least 124.79 and possibly even higher.

Only an unexpected break below important support at 121.22 will invalidate our bullish outlook and call for a new test of 120.78 and likely just below.

R3: 122.49

R2: 122.13

R1: 121.85

Pivot: 121.69

S1: 121.64

S2: 121.22

S3: 120.78

Trading recommendation:

We have bought EUR at 121.75 and placed our stop at 121.20.

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