FX.co ★ Elliott wave analysis of EUR/JPY for June 12 - 2018

The rally of the 128.07 low looks constructive and calls for more upside progress towards the important resistance at 131.35, where we might see another sideways consolidation, before moving higher towards 133.49 as the next minor upside target and longer-term much higher.

In the long term, we are looking for much more upside, if wave (E) completes with the test of 124.59, it will be our preferred outlook for the time being.

R3: 131.35

R2: 130.65

R1: 130.28

Pivot: 1129.37

S1: 129.04

S2: 128.80

S3: 128.59

Trading recommendation:

We bought EUR at 129.47 with our stop placed at 128.50. Upon a break above 130.06, we will move our stop to break-even at 129.47.