Elliott wave analysis of EUR/JPY for July 3, 2017

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Wave summary:

We have seen the expected corrective decline into the 127.00 - 127.81 area, but the correction in wave iv does not look complete yet and more sideways correction remains expected before the next rally higher towards at least 130.19 and possibly even higher.

The ideal target for this rally 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: 128.50

S1: 128.08

S2: 127.82

S3: 127.41

Trading recommendation:

We are long EUR from 124.46 with stop placed at 126.40. If you are not long EUR yet, then buy near 127.85 and use the same stop.

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