Elliott wave analysis of EUR/JPY for August 17, 2018
We continue to look for wave c/ of iv/ moving closer to resistance near 127.94 before the final dip to just below 124.89 to complete the complex correction in wave ii, for a new impulsive rally to above 131.99.
That said, we also need to stress the possibility of wave v/ and ii having completed with the test of 124.89 and wave iii already developing. A break above resistance at 128.45 will confirm this count and instantly make this count the top count if seen.
We are long EUR from 126.25 with our stop placed at 124.50. We will take half profit at 127.40 and wait for a new EUR-buying opportunity at 125.15.