FX.co ★ Elliott Wave Ananlysis of EUR/JPY for July 17, 2017

Wave summary:

EUR/JPY continues to point lower in a correction, which ideally will reach a low of 126.39 before turning higher again towards at least 1.3346. Short-term minor resistance is seen at 129.52, which we expect will cap the upside for a deeper corrective decline.

Trading recommendation:

We are short EUR from 129.85 with stop placed at 129.70 and take profit will be placed at 126.50.