FX.co ★ Elliott Wave Ananlysis of EUR/JPY for July 21, 2017

Wave summary:

The corrective structure has shifted in favor of a flat correction. Short-term, we expecte resistance at 130.77 will be able to cap the upside for a final leg lower to support at 127.22 to complete the flat correction in wave iv and then move higher towards 133.46 in wave v.

Trading recommendation:

Our stop at 129.70 was hit for a small profit of only 10 pips. We will sell EUR here at 129.88 with stop+revers at 130.80 and take profit placed at 127.50.