Elliott wave analysis of EUR/JPY for August 25, 2017


Wave summary:

EUR/JPY is now testing the minor resistance-line from 131.40. This resistance-line might be able to hold back the rise of a minor corrective decline back to 128.38 before a new strong rally is expected this time for a clear break above this resistance-line and higher to 130.40 and 131.40 on the way higher towards 137.36.

R3: 131.40

R2: 130.40

R1: 129.50

Pivot: 129.14

S1: 128.90

S2: 128.38

S3: 128.27

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 128.38 and use the same stop at 127.75.

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

Source:: Elliott wave analysis of EUR/JPY for August 25, 2017

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