Elliott wave analysis of EUR/JPY for August 3, 2017

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Wave summary:

No change in our view here. We continue to look for a continuation higher towards 133.46 as the next upside target. Short-term, we expect minor support at 130.85 to be able to protect the downside for a break above minor resistance at 131.37 to confirm the next part of the rally higher.

A break below 130.85 will delay the expected rally higher, but back-up is seen nearby at 130.60.

R3: 133.46

R2: 132.22

R1: 131.37

Pivot: 130.85

S1: 130.76

S2: 130.60

S3: 130.35

Trading recommendation:

WE are long EUR from 129.75 with stop placed at 130.30. Upon a break above 131.37 we will move our stop higher to 130.80. Take-profit remains at 133.20.

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