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11.08.201706:58 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for August 11, 2017

Long-term review

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Wave summary:

EUR/JPY has declined from 129.55 towards 127.55 as expected. As long as minor resistance at 128.83 is able to cap the upside as long more downside pressure should be seen for the expected test of 127.55. Only a break above minor resistance at 128.83 will indicate that a new correction close to 129.55 is developing before renewed downside pressure should be seen.

R3: 129.55

R2: 129.04

R1: 128.83

Pivot: 128.50

S1: 128.17

S2: 127.55

S3: 126.90

Trading recommendation:

W are short EUR from 129.45. We will move our stop lower to 128.90 and keep our take-profit at 127.65.

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