FX.co ★ Elliott wave analysis of EUR/JPY for July 27, 2017

Wave summary:

We continue to look for a break above minor resistance at 130.77 to confirm the next part of the rally higher towards the ideal 133.34 target.

Short-term minor support is seen at 129.90 which is expected to be able to protect the downside for the break above 130.77. It will, however, only be a break below support at 129.22 that will delay the expected rally higher.

Trading recommendation:

We are long EUR from 129.75 with stop placed at 129.15.