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14.08.201805:13 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for August 14, 2018

Long-term review

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We have seen the expected rally from 125.23. The question now is whether it's able to correct all the way to 127.30 before turning lower to just below 125.23 to complete wave ii or the minor correction in wave iv/ already has completed at 126.78 for the final dip?

We do prefer a little more upside closer to 127.30 before wave iv/ peaks and starts turning lower in wave v/. The potential downside should be limited and the maximum is 124.59 anything below here will force a recount.

R3: 127.30

R2: 126.78

R1: 126.61

Pivot: 126.35

S1: 125.94

S2; 125.46

S3: 125.12

Trading recommendation:

We are long EUR from 126.25 with our stop placed at 124.50. We will take half profit at 127.25 and wait for an opportunity to re-buy EUR at 125.15.

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