FX.co ★ Elliott wave analysis of EUR/JPY for July 27

EUR/JPY saw a correction to 122.81 which was a bit deeper than we expected, but it doesn't change our overall bullish outlook calling for a retest of resistance at 124.43 soon and the higher towards 125.85 and 129.26.

Support is now seen at 123.31 and again at 123.00 only a break below 122.81 will cause a review of our bullish count.

R3: 124.85

R2: 124.30

R1: 123.87

Pivot: 123.67

S1: 123.31

S2: 123.00

S3: 122.81

Trading recommendation:

Our stop at 123.00 was hit for a profit 49 pips. We will re-buy EUR at 123.35 or upon a nreak above 123.87