FX.co ★ Elliott wave analysis of EUR/JPY for July 4, 2017

Wave summary:

Even though a new high has been seen at 128.89 our preferred count shows that wave iv is still unfolding as an expanded flat correction. This count calls for one more dip to the downside closer to 126.87 before wave iv completes and the next impulsive rally in wave v can take over for a rally towards at least 130.27.

R3: 130,17

R2: 129.36

R1: 128.89

Pivot: 128.50

S1: 128.28

S2: 127.82

S3: 126.87

Trading recommendation:

We will take profit here at 128.46 for a nice profit of 400 pips. We will re-buy EUR at 127.00.