FX.co ★ Elliott wave analysis of EUR/JPY for July 13, 2021

Wave 4/ completed a double zig-zag correction from 134.12 to 129.73 and is now ready for the final impulsive rally within wave 3 towards 135.42. Should we see a clear break above the 135.42 target the next upside target will be seen near 139.00, but for now we should look for a rally towards 135.42 in wave 5/ of 3 to complete the extended wave 3 and once complete we should be looking for complex wave 4 correction, but for now we should stay focused to the price action in wave 5/.

Trading recommendation:

Buy EUR for a rally towards 135.42 and place your stop just below 129.73