Elliott wave analysis of EUR/JPY for July 5, 2017

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Wave summary:

EUR/JPY is still correcting in wave iv and we still prefer more downside pressure towards 126.87 before the next impulsive rally in wave v towards at least 130.13 is expected. That said, wave iv could turn into a triangle consolidation and in this case, we will not see a break below minor support at 127.41, but a sideways consolidation before the next rally higher.

R3: 130.17

R2: 129.30

R1: 128.89

Pivot: 128.50

S1: 128.28

S2: 127.81

S3: 127.41

Trading recommendation:

We are looking to re-buy EUR at 127.00.

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