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Elliott wave analysis of EUR/JPY for April 19, 2018

Posted On 19 Apr 2018
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The corrective rally from 128.93 is extending higher to resistance in the 133..55 – 133.68 area. Once this B-wave rally is complete more downside pressure is expected in wave C of (E). The wave C should ultimate a break below support at 128.93 for a decline towards the ideal downside target at 123.43.

For now, we need to allow for the extended B-wave to run its course closer to the resistance area between 133.55 – 133.68.

R3: 133.55

R2: 133.39

R1: 133.00

Pivot: 132.61

S1: 132.39

S2: 132.08

S3: 131.84

Trading recommendation:

We will sell EUR at 133.50 or upon a break below 132.61

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

Source:: Elliott wave analysis of EUR/JPY for April 19, 2018

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