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23.05.201906:34 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for May 23 - 2019

Long-term review

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We continue to expect minor support at 122.65. If it comes true, we will be able to protect the downside for the next impulsive rally higher towards 129.35. In the short-term, we need a break above minor resistance at 123.11 and more importantly a break above resistance at 123.45 to confirm the next impulsive rally higher to 125.22 on the way higher to 129.35.

Only an unexpected break below 122.65 might distort our bullish outlook and call for renewed downside pressure to 122.06 and likely below.

R3: 123.68

R2: 123.43

R1: 123.11

Pivot: 122.82

S1: 122.65

S2: 122.26

S3: 122.06

Trading recommendation:

We are long EUR from 122.25 with our stop placed at 122.60.

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