Elliott wave analysis of EUR/JPY for June 28, 2017

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Wave summary:

We have finally seen the expected upside acceleration confirming more upside towards 133.34 as the next major upside target. Short-term, we will be looking for a rally to 127.80, which likely will be followed by a minor correction before higher again towards 129.50 as the next minor upside target.

R3: 129.50

R2: 129.10

R1: 127.80

Pivot: 127,50

S1: 126.95

S2: 126.61

S3: 126.14

Trading recommendation:

We are long EUR from 124.46 and will move our stop higher to 126,00. If you are not long EUR yet, then buy EUR near 126.95 and use the same stop at 126,00.

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