Elliott wave analysis of EUR/JPY for June 12, 2017

Wave summary:

The outlook has not been changed. We are still looking for the wave d of the triangle consolidation to move closer to the resistance at 124.62 before turning lower in wave e to complete the triangle consolidation and set the stage for a new impulsive rally towards at least 134.48 and likely even closer to 138.52.

The minor support is now seen at 123.19, which is expected to be able to protect the downside for the rally higher in wave d.

R3: 124.62

R2: 124.15

R1: 123.86

Pivot: 123.50

S1: 123.19

S2: 123.06

S3: 122.60

Trading recommendation:

We are long EUR from 123.56 with stop placed at 122.85. Take profit is set at 124.50.

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

Source:: Elliott wave analysis of EUR/JPY for June 12, 2017