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27.06.201906:32 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for June 27 - 2019

Long-term review

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EUR/JPY is developing as expected. Its quotes are going higher. With a corrective dip to 121.62 followed by a clear break above 122.48, we should see a continuation higher to the next short-term hurdles at 123.18 and 124.16.

in the long-term we expect the ongoing rally to ultimately break above resistance at 127.50 for a continuation higher to at least 129.59 and likely even closer to 135.02.

Important support is now seen at 121.62

R3: 123.75

R2: 123.18

R1: 122.81

Pivot: 122.38

S1: 122.18

S2: 121.85

S3: 121.62

Trading recommendation:

We are long EUR from 121.98 and we will move our stop higher to 121.60.

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