Elliott wave analysis of EUR/JPY for July 6, 2017

analytics595dd66f9e29c.png

Wave summary:

Nothing new to add here. The sideways correction in wave iv continues to unfold. Ideally, we will see a spike lower to 126.87 in an expanded flat correction, but this sideways consolidation could as easily turn into a triangle consolidation limiting the downside to 127.41.

Once this sideways consolidation is complete a new impulsive rally higher towards at least 130.13 is expected.

R3: 130.13

R2: 129.30

R1: 128.89

Pivot: 128.50

S1: 128.28

S2: 127.81

S3: 127.41

Trading recommendation:

We are looking for a new buying opportunity near 127.00

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