Elliott wave analysis of EUR/JPY for July 7, 2017

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Wave summary:

There was no time for a deeper correction in wave iv. With the clear break above minor resistance seen at 129.09 wave v higher towards at least 131.11 is well under way. Short-term support is now seen at the former resistance at 129.09 and should be able to protect the downside for the expected rally higher to 131.11.

R3: 131.98

R2: 131.11

R1: 131.00

Pivot: 129,46

S1: 129.09

S2: 128.75

S3: 128.42

Trading recommendation:

We missed the buying opportunity and will stay on the sideline until wave v has run its course

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