FX.co ★ Elliott wave analysis of EUR/JPY for July 17, 2020

We are looking for a second dip in the correction from 122.50. Previously we expected a corrective dip to 121.34. However, we will likely only see the second dip. The pair may sink just below 121.78 before the next impulsive rally to 124.43 and above occurs.

A break above 122.50 triggers for the next impulsive rally.

R3: 122.73

R2: 122.50

R1: 122.25

Pivot: 122.06

S1: 121.85

S2: 121.75

S3: 121.43

Trading recommendation:

We will buy EUR at 121.80 or upon a break above 122.50