Elliott wave analysis of EUR/JPY for August 28, 2017

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EUR/JPY - Daily

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EUR/JPY - 4 Hourly

EUR/JPY continues to work its way higher and the break above resistance at 130.40 confirmed that the X-wave completed the test of 127.52 and the final zig-zag rally towards 137.36 now is developing.

Short-term, we could see a minor setback to 129.15 before the next rally higher towards 131.40 and above should be expected.

R3: 133.19

R2: 132.50

R1: 131.40

Pivot: 131.00

S1: 130.22

S2: 129.57

S3: 129.15

Trading recommendation:

We are long EUR from 128.50 with stop placed at 127.75. If you are not long EUR yet, then buy near 129.15 and use the same stop at 127.75.

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