FX.co ★ Elliott wave analysis of EUR/JPY for June 8, 2018

Ideally, EUR/JPY will see the support at 129.12 and max. 128.69 for continuation higher towards 131.41 as the next upside target. The strong resistance will be seen here, but if a clear break above this resistance happens, that will confirm more upside in the longer term.

In the short term, a break above the minor resistance at 129.73 will call for continuation higher to at least 130.47 and likely even closer to 130.80 before the next minor consolidation is seen on the way higher.

R3: 130.47

R2: 130.12

R1: 129.71

Pivot: 129.35

S1: 129.12

S2: 128.96

S3: 128.69

Trading recommendation:

We are long on EUR from 129.95 and has placed our stop at 128.60. If you are not long EUR yet, then buy near 129.12 or upon a break above 129.73 and use the same stop at 128.60.