empty
 
 
06.07.2020 07:19 AM
Elliott wave analysis of EUR/JPY for July 6, 2020

This image is no longer relevant

EUR/JPY continues to move higher. It is now trying to break above the last weeks' sideways consolidation indicating renewed upside pressure towards 122.12 as the next minor upside target. In the longer term, EUR/JPY should continue to move higher towards the 124.43 peak and ultimately also break above here for a rally towards at least 129.30.

Short-term support is seen in the 121.10 - 121.30 area, which is expected to protect the downside for the next push towards 122.12.

R3: 122.12

R2: 121.71

R1: 121.56

Pivot: 121.30

S1: 121.10

S2: 120.95

S3: 120.71

Trading recommendation:

We are long EUR from 119.95 and we wil raise our stop to 120.71

Summary
Urgency
Analytic
Torben Melsted
Start trade
Gagnez sur les variations du cours des cryptomonnaies avec InstaForex.
Téléchargez MetaTrader 4 et ouvrez votre première transaction.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In February we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback