EUR/JPY Targeting Above 122.11 Bullish Level

Forex Technical Analyst • Jun 25, 2020 at 11:00 AM EDT

EUR/JPY completed a five-wave recovery from end of May, indicating that trend can be turning into bullish mode.

EUR/JPY looks to have completed a five-wave rally at current highs, so latest decline can be only part of a three-wave correction. Possible support for an A-B-C move can be at the Fib. ratio of 50.0, where we see price recovering. That said, a break above the 122.11 level would be bullish for the pair.

EUR/JPY, 4h

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