FX.co ★ Elliott wave analysis of EUR/JPY for July 16, 2018

With wave (E) complete at 124.59 and a S/H/S bottom to confirm that view, we will be looking for more upside pressure in the days and weeks to come for a rally towards 135.72, which both marks the 161.8% extension of wave i and the S/H/S bottoms target.

Short-term, we could see minor resistance at 131.63 caps the upside for a corrective set-back to near 130.10 before the next upside attack towards 133.48 on the way higher towards 135.72 as the ideal target for wave iii.

R3: 132.54

R2: 132.11

R1: 131.63

Pivot: 131.24

S1: 131.08

S2: 130.76

S3: 130,34

Trading recommendation:

We will wait for a buying opportunity near 130.10.