14.08.201906:52 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for August 14 - 2019

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We have seen a rally out of the 117.49 low. Now the rally is only in three waves. We will see minor support in the 118.41 - 118.65 area hold for another rally above 119.59 as this will leave us with a small five wave rally of the 117.50 low.

In the short-term, a break above minor resistance at 119.28 will lead to the expected rally above 119.59 towards at least 119.88 and possibly higher.

Only an unexpected break back below support at 117.67 will spoil our bullish count once again.

R3: 119.88

R2: 119.59

R1: 119.28

Pivot: 118.73

S1: 118.65

S2: 118.41

S3: 118.04

Trading recommendation:

We bought EUR at 118.40 and we have placed our stop at 117.40.

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