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

Wave summary:

We continue to look for more upside towards 133.46 and expect the correction from 131.40 has completed the test of 130.44 and the next impulsive rally higher to at least 132.00 and more likely closer to 132.97 before a sideways correction should be seen and then the final rally higher to the 133.46 target.

Only a break below 129.83 will confirm that a deeper corrective decline is unfolding.

R3: 133.46

R2: 132.22

R1: 131.40

Pivot: 131.00

S1: 130.65

S2: 130.45

S3: 130.00

Trading recommendation:

We are long EUR from 129.75 with stop placed at 130.30 and take profit at 133.20.