29.06.201805:21 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for June 29, 2018

Long-term review

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We expect minor resistance at 129.35 will be able to cap the upside for renewed downside pressure towards 123.52 to complete wave (E). Even if a break above 129.35 is seen, we will allow for a minor extension towards 130.10 to complete a minor x-wave, before the downside pressure should re-emerge.

The maximum we can allow this minor x-wave to move is seen at 130.36 as a break above here, will reinstate our former preferred count, that pointed to wave (E) and [B] being in place at 124.59 and wave [C] only just starting to develop.

R3: 130.36

R2: 129.46

R1: 129.35

Pivot: 128.74

S1: 128.59

S2: 128.18

S3: 127.81

Trading recommendation:

We will sell EUR at 130.00 with our stop+reverse placed at 130.40. Take profit will be placed at 123.75.

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