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17.06.201906:36 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for June 17 - 2019

Long-term review

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The correction in red wave ii from 123.18 continues to the 78.6% corrective target at 121.64 before turning up again. We are looking for a break above 121.96 as the first solid indication that red wave ii has completed and red wave iii towards 124.79 is developing.

In the short-term, we see support near 121.69 this support will ideal mark the low for a strong attack of minor resistance at 121.96.

R3: 122.49

R2: 122.18

R1: 121.96

Pivot: 121.69

S1: 121.64

S2: 121.22

S3: 121.07

Trading recommendation:

Our stop at 121.75 was hit for a 100 pips profit. We will buy EUR again at 121.75 or upon a break above 121.96 with our stop placed at 121.40

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