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15.08.201707:42 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for August 15, 2017

Long-term review

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Wave summary:

We continue to prefer one more decline closer to 125.08 to complete this X-wave. Once this X-wave is complete a new zig-zag rally higher towards 137.36 is expected to complete the D-wave of the large triangle consolidation.

That said, the rally of the 128.00 low looks more impulsive in character, than we like and we have to consider the possibility that the X-wave completed already with this test. If this is the case, then we should break clearly above short-term important resistance at 130.55 adding confidence in this alternate count, which will call for a direct rally above 131.40 towards 137.36.

R3: 131.12

R2: 130.55

R1: 130.00

Pivot: 129.70

S1: 129.30

S2: 128.89

S3: 128.50

Trading recommendation:

We have sold EUR at 129.70 and will place stop + reverse of this position at 130.70.

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