FX.co ★ Elliott wave analysis of EUR/JPY for August 29, 2017

Wave summary:

EUR/JPY breaks above resistance at 131.40 confirming our count for more upside pressure towards 137.36 to complete wave D of the huge triangle consolidation. We now see support at 130.42, which ideally should protect the downside for the continuation higher, but only a break below support at 129.64 will question our count.

R3: 134.80

R2: 132.65

R1: 131.40

Pivot: 131.00

S1: 130.42

S2: 129.64

S3: 129.03

Trading recommendation:

We are long EUR from 128.50 and will raise our stop to 129.55. If you are not long EUR yet, then buy near 130.42 and use the same stop at 129.55.