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12.08.202006:35 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for August 12, 2020

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EUR/JPY rallied to test short-term resistance at 125.43 but failed to break thought that level. It is likely to set for a second leg lower towards 124.00. Because of the larger than expected rally to 125.50, the second leg may hit 123.78 before the next impulsive rally through the former peak at 125.59 towards 127.23 takes place. In the longer-term, the pair may rise to 129.26.

R3: 125.94

R2: 125.59

R1: 125.32

Pivot: 124.81

S1: 124.55

S2: 124.00

S3: 123.78

Trading recommendation:

We will buy EUR at 124.10 or upon a break above 125.43

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