Elliott wave analysis of EUR/JPY for June 30, 2017

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Wave summary:

Wave iii completed just below the ideal wave iii target at 129.09 (the high was seen at 128.83) and wave iv is currently unfolding. This wave iv correction has already entered the target area between 127.00 - 127.81 and once complete a new impulsive rally towards at least 129.43 should be expected. The ideal target for the rally in wave v is seen at 133.34, where wave C will be equal in length to wave A.

R3: 130.19

R2: 129.43

R1: 128.83

Pivot: 128.30

S1: 127.81

S2: 127.56

S3: 127.00

Trading recommendation:

WE are long EUR from 124.46 with stop placed at 126.40. If you are not long EUR yet, then buy EUR near 127.00 and use the same stop.

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