FX.co ★ Elliott wave analysis of EUR/JPY for July 22, 2020

The EUR/JPY pair did not dip to 121.90 as we forecast. On the contrary, it started moving up again. The minor corrective dip only reached 122.44 before EUR/JPY rose again towards the next target at 124.43. The resistance level should be broken too for a continuation higher to 125.82-129.26.

Support is now seen at 122.98 and at 122.44.

R3: 125.24

R2: 124.43

R1: 123.42

Pivot: 122.98

S1: 122.44

S2: 121.90

S3: 121.78

Trading recommendation:

We are long EUR from 122.51 and we have our stop placed at 121.75