Elliott wave analysis of EUR/JPY for August 10, 2017

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Wave summary:

We a perfect correction back to 129.55 (our target was seen at 129.52) renewed downside pressure should now be expected for a decline to 127.59 from where a new short-term correction close to 129.55 should be expected before lower again to 125.08.

R3: 130.03

R2: 129.78

R1: 129.55

Pivot: 129.50

S1: 128.46

S2: 127.96

S3: 127.59

Trading recommendation:

We are short EUR from 129.45. We will move our stop lower to 130.05. Take-profit will be placed at 127.65.

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