Elliott wave analysis of EUR/JPY for July 30, 2018
EUR/JPY remains lock inside the descending channel towards the 128.55 – 128.98 target area. Once this area is tested red wave ii is expected to complete and a new impulsive rally in red wave iii should take over for a rally towards 135.74.
Short-term resistance is seen at 129.65 and again at 130.28. A break above the later will be a strong indication that red wave ii has completed and that red wave iii is developing.
We will buy EUR at 128.60 or upon a break above 130.28.