Elliott wave analysis of EUR/JPY for August 1, 2017

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Wave summary:

We have not much to add here. EUR/JPY remains struck just below resistance at 130.77 and only a break above here will clear the way for the next rally higher towards 133.46. Support is seen at 130,00 which is expected to be able to protect the downside for the break above 130.77. However, if the minor resistance at 130,00 is broken, the back-up support is seen just below at 129.53.

R3: 132.22

R2: 131.66

R1: 130.77

Pivot: 130,00

S1: 129,53

S2: 129.22

S3: 128.85

Trading recommendation:

We are long EUR from 129.75 with stop placed at 129.15. Take-profit is located at 133.20.

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