FX.co ★ Elliott wave analysis of EUR/JPY for July 18, 2018

Red wave iii likely peaked at 131.99 and a correction towards 130.76 and maybe even closer to 130.10 should be expected in red wave iv.

Short-term a break below minor support at 131.41 will confirm that red wave iii has completed and red wave iv is developing. Longer term, we remain bullish for much more upside pressure towards 135.79 and above.

R3: 132.54

R2: 132.11

R1: 131.98

Pivot: 131.41

S1: 131.24

S2: 131.08

S3: 130.76

Trading recommendation:

We will look for a EUR buying opportunity near the end of red wave iv. Ideally as close to 130.10 as possible.