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26.06.2019 06:03 AM
Elliott wave analysis of EUR/JPY for June 26 - 2019

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We expect that minor support in the 121.50 - 121.70 area will be able to protect the downside for the next impulsive rally towards 123.18 and 124.16 as the next short-term hurdles towards the upside. A break above 122.48 confirms the next impulsive rally has begun towards 123.18.

Only an unexpected break below support at 120.92 will invalidate our bullish outlook.

R3: 123.75

R2: 123.18

R1: 122.48

Pivot: 121.85

S1: 121.70

S2: 121.50

S3: 121.92

Trading recommendation:

We are long EUR from 121.98 with our stop placed at 120.85

Torben Melsted,
Analytical expert of InstaForex
© 2007-2024
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