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Elliott wave analysis of EUR/JPY for May 23, 2017

Posted On 23 May 2017
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Wave summary:

EUR/JPY broke above resistance seen at 124.94 indicating the rally of the 122.53 low was impulsive (in 5 waves). This means that wave B completed with the test of 122.53 and wave C towards 138.50 now is developing.

The impulsive rally from 122.53 to 125.30 marks wave i and a correction in wave ii is now expected towards the 123.59 – 123.92 area before the next impulsive rally higher towards 134.30 and 138.52.

R3: 127.33

R2: 125.82

R1: 125.30

Pivot: 124.75

S1: 124.39

S2: 123.92

S3: 123.59

Trading recommendation:

Our stop was hit at 125.00 for a loss. We will re-buy EUR at 124.10

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

Source:: Elliott wave analysis of EUR/JPY for May 23, 2017

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