Elliott wave analysis of EUR/JPY for June 14, 2018

EUR/JPY continues to move higher towards the downtrend-line from the 137.50 peak, which currently sits near 130.88. Whilst support at 129.82 is able to protect the downside, we will look for a possible test of this trend-line. That said, we also believe, that the trend-line resistance will be able to cap the upside at first, for a corrective decline towards 129.46 before tuning higher again and this time through the trend-line resistance for a continuation higher towards 137.27 as the next possible upside target.

R3: 131.35

R2: 130.88

R1: 130.35

Pivot: 129.82

S1: 129.68

S2: 129.46

S3: 129.25

Trading recommendation:

We are long EUR from 129.95. We will take half profit here at 130.05 and place our stop at 129.80 for the rest. If our stop is taken out, we will re-buy EUR at 129.50.

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