Elliott wave analysis of EUR/JPY for August 1, 2018
EUR/JPY has rallied nicely of the 129.09 low and the break above resistance at 130.44 confirmed that red wave ii has completed and red wave iii now is developing towards 135.74 and higher longer term.
The next resistance to look for is seen at 131.71. Once broken the way higher to 135.74 should be right open.
Support is now seen at 130.24 and again at 129.68. The later should be able to protect the downside for the expected test and break above 131.71.
We are long EUR from 130.28 and we have placed our stop at 129.50. If you are not long EUR yet, then buy near 130.24 and use the same stop at 129.50.