empty
 
 
16.07.2020 07:07 AM
Elliott wave analysis of EUR/JPY for July 16, 2020

This image is no longer relevant

The EUR/JPY pair is following the expected path. It is currently in a minor correction towards 121.43 from where we expect a new impulsive rally towards at least 129.64 and more likely an extending rally in wave 3 to the 161.8% extension target at 135.42.

In the short-term, we continue to look for a dip to 121.43 and then a new push higher through resistance at 122.50 for a rally to 124.43-129.64 and likely even higher.

R3: 122.73

R2: 122.50

R1: 122.25

Pivot: 122.06

S1: 121.85

S2: 121.43

S3: 121.20

Trading recommendation:

We will buy EUR at 121.50 or upon a break above 122.50

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • 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 $9000 more!
    In May we raffle $9000 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
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 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