Elliott wave analysis of EUR/JPY for June 25, 2018

EUR/JPY found strong short-term resistance at 128.51 as expected and peaked at 128.60 for a corrective decline. Ideally, this correction will find its low near 127.45 for a new rally towards 128.60 and a firm break above here confirms that wave ii completed at 126.61 and wave iii towards 136.88 now is developing.

Short-term only a break below 126.61 will invalidate our bullish outlook.

R3: 128.60

R2: 128.29

R1: 128.03

Pivot: 127.75

S1: 127.45

S2: 127.14

S3: 126.97

Trading recommendation:

We are long EUR from 127.99 with our stop placed at 126.85. If you are not long EUR yet, then buy near 127.45 or upon a break above 128.60 and use the same stop at 126.85.