Elliott wave analysis of EUR/JPY for May 28, 2020

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EUR/JPY continues to climb up towards the wave iii/ target at 119.31 just as we expected it will. As it is approaching the wave iii/ target, we can see the short-term weakness of the sub-rally from 116.98.

In the short-term, we expect minor support at 118.10 to be able to protect the downside for the final spike higher to the ideal target at 119.31 from where a corrective decline to at least 117.35 and possibly to 116.98 would be expected before the next upswing.

R3: 119.74

R2: 119.31

R1: 119.00

Pivot: 118.51

S1: 118.10

S2: 117.67

S3: 117.35

Trading recommendation:

We are long EUR from 115.65 and we will take profit on 75% of our position at 119.20 or upon a break below 118.10

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Elliott wave analysis of EUR/JPY for May 28, 2020

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