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02.08.201706:58 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for August 2, 2017

Long-term review

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Wave summary:

EUR/JPY has finally cleared resistance at 130.77 and is now headed higher towards the 133.34 target. The former resistance at 130.77 will now act as support for the rally higher.

If the 133.34 target is broken the next upside target to look for, will be seen at 134.04 and then 135.03, but be aware that we now are in the final leg higher of the rally from 122.35.

R3: 133.46

R2: 132.22

R1: 131.66

Pivot: 130.77

S1: 130.44

S2: 130.11

S3: 129.83

Trading recommendation:

We are long EUR from 129.75. We will raise our stop to 130.30 and keep our take profit at 133.20.

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