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05.06.201706:40 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for June 5, 2017

Long-term review

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Wave summary:

Despite a slightly deeper correction from 125.31 than first expected, we remain bullish for more upside pressure above 125.31 and more importantly a break above resistance at 125.81, which will confirm a continuation higher towards 127.50 and above.

Even if a break below 124.38 is seen that should only call for a little more downside to 123.77 before renewed upside pressure should take over for the rally above 125.31 and 125.81.

R3: 126.47

R2: 125.81

R1: 125.31

Pivot: 125.00

S1: 124.38

S2: 124.12

S3: 123.77

Trading recommendation:

We are long EUR from 124.65 with stop placed at 124.10. If our stop is hit, then a new buy order will be placed at 123.85.

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