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17.07.201906:36 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for July 17 - 2019

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We continue to look for a final dip closer to the 120.62 target. This should complete wave 2 and set the stage for a new impulsive rally in wave 3. Short-term minor resistance is seen at 121.68 while short-term important resistance is seen at 121.86. A break above this resistance will indicate that wave 2 has completed and wave 3 is developing for a rally to and above 123.36.

R3: 121.85

R2: 121.68

R1: 121.53

Pivot: 121.30

S1: 121.07

S2: 120.92

S3: 120.62

Trading recommendation:

We are looking for a EUR-buying opportunity at 120.85 or upon a break above 121.68

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