FX.co ★ Elliott wave analysis of EUR/JPY for August 31, 2017

Wave summary:

We continue to look for more upside pressure towards the ideal target of 137.36 to complete wave D. Short term, we will ideally see minor support at 130.85 and maximum at 129.64 protect the downside for the expected rally higher.

On the way higher to 137.36 minor resistance is seen at 132.65 and 134.80.

R3: 134.68

R2: 132.65

R1: 131.40

Pivot: 131.00

S1: 130.85

S2: 130.42

S3: 129.64

Trading recommendation:

We are long EUR from 128.50 with stop placed at 129.55. If you are not long EUR yet, then buy near 130.82 and use the same stop at 129.55.