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03.06.202006:48 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for June 3, 2020

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EUR/JPY has gained bullish momentum. We were looking for the peak of black wave iii/, but the speed of the rally since the low of black wave ii/ at 115.32 indicates that a much more bullish count is needed as we clearly are in black wave iii/, but the sub-waves in red still dominates the count and we are just about to complete red wave iii. It might move to 121.80 for a correction to the support-zone between 120.40 - 120.65 before the next push higher 122.70 to complete red wave v/ and black wave iii/.

R3: 122.70

R2: 122.45

R1: 121.80

Pivot: 121.255

S1: 120.85

S2: 120.65

S3: 120.40

Trading recommendation:

We are long 25% of the orginal position from 115.65 and we will move our stop higher to 119.30 and we will take profit on the final 25% at 122.50.

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