Elliott wave analysis of EUR/JPY for August 14 - 2017

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Wave summary:

A break above the minor resistance at 128.90 indicates a correction from 128.00 is unfolding for a rally closer to 129.90 before renewed downside pressure towards 126.70 and likely even closer to 125.08 before the corrective decline from 131.40 are completed and a new rally closer to 137.36 should be expected.

R3: 130.45

R2: 129.90

R1: 129.69

Pivot: 129.25

S1: 129.12

S2: 128.81

S3: 128.53

Trading recommendation:

Our stop at 128.90 was hit for a small profit. We are looking to sell EUR again at 129.70 with stop placed at 130.90.

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