Elliott wave analysis of EUR/JPY for August 8, 2018
EUR/JPY has rallied nicely from the 128.48 low and is ready to test the short-term important resistance at 129.62. This resistance might be spiked, but likely only shortly and then cause a corrective decline to 129.00 before trying to push higher again.
To confirm that wave ii/ completed with the 128.48 test, we need a clear break above 129.62 and upside acceleration towards important resistance at 131.15. A break above this resistance confirms our preferred scenario and calls for a rally towards 135.74 – 135.79 next.
We are long EUR from 128.72. We will take half profit at 129.50 and keep our stop at 128.45 for the rest.