Elliott Wave Ananlysis of EUR/JPY for July 12, 2017

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Wave summary:

EUR/JPY has likely peaked just below our ideal 131.21 target (the high has been seen at 130.77). With the peak in place, we are looking for a decline towards 125.82 before the next rally higher towards 140.00 should be expected.

Trading recommendation:

We missed our selling opportunity near 131.21 but will sell here at 129.85 with a stop placed at 130.85.

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