FX.co ★ Elliott wave analysis of EUR/JPY for June 13, 2018

We continue to look for a firm test of the downtrend-line from the 137.50 peak, this downtrend-line is currently sitting at 130.95. We could see a temporary setback from the first test, but ultimately, we expect this downtrend to be broken for much more upside to come.

Short-term, we expect support at 129.39 to be able to protect the downside for more upside towards 130.95 If the downtrend is broken the next resistance is seen at 131.35.

R3: 131.35

R2: 130.95

R1: 130.28

Pivot: 129.39

S1: 129.04

S2: 128.80

S3: 128.50

Trading recommendation:

Our break-even stop at 129.47 was hit. We will buy EUR here at 129.95 and place our stop at 129.45. We will take half profit at 130.90.