Elliott wave analysis of EUR/JPY for June 1, 2017

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Wave summary:

The break above minor resistance seen at 124.65 has confirmed that wave iii/ higher towards at least 127.50 now is developing. Short term, we should see support in the 124.53 – 124.65 area protecting the downside for a continuation higher to and above 125.81 for the rally higher to 127.50 as the next minor upside target.

R3: 125.81

R2: 125.50

R1: 125.18

Pivot: 125.00

S1: 124.65

S2: 124.53

S3: 124.12

Trading recommendation:

Again we missed the buying opportunity at 123.65 by just 7 pips, but instead bought EUR at 124.65 and stop will be placed at 124.10.

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

Source:: Elliott wave analysis of EUR/JPY for June 1, 2017

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