FX.co ★ Elliott wave analysis of EUR/JPY for July 20, 2020

The EUR/JPY pair did not decline to 121.81. It managed to rise again. If EUR/JPY breaks through resistance 122.50, it may grow to 124.43. Under this count minor support at 122.19 is likely to protect the downside or the pair may attempt to reach support at 121.81. It also may dip below this level before the next impulsive rally.

R3: 124.12

R2: 123.32

R1: 123.00

Pivot: 122.79

S1: 122.50

S2: 122.30

S3: 122.19

Trading recommendation:

We bought EUR at 122.51 and we have placed our stop at 121.75