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Elliott wave analysis of EUR/JPY for April 18, 2018

Posted On 18 Apr 2018
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EUR/JPY needs to break clearly below minor support at 132.09 to confirm that wave B has completed, and wave C is developing.

We do expect the peak at 132.97 will continue to cap the upside for a break below 132.09 confirming that wave C lower is developing.

The ideal long-term target for the ongoing (E) wave is seen near 123.43.

R3: 133.39

R2: 132.97

R1: 132.78

Pivot: 132.09

S1: 131.75

S2: 131.35

S3: 130.64

Trading recommendation:

We will sell a break below 132.28.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Elliott wave analysis of EUR/JPY for April 18, 2018

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