03.07.201906:43 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for July 3 - 2019

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The decline from the 123.37 peak has been much deeper than first expected. That does raise the question whether the rally from 120.79 is the start of a new impulsive rally or just a temporary pause before renewed downside pressure is seen. The judge of that is support at 120.94. As long as this short-term important support is able to protect the downside, we will look for more upside pressure and a break above minor resistance at 121.84 will call for a new rally towards 123.36 and 124.16 next.

If, however support at 120.94 is broken, the we must regard the rally from 120.79 as an X-wave and a new low closer to 120.55 should be expected

R3: 122.24

R2: 122.13

R1: 121.84

Pivot: 121.69

S1: 121.40

S2: 121.19

S3: 120.94

Trading recommendation:

Our stop at 121.60 was hit. We will re-buy EUR here at 121.50 with our stop placed at 120.90

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