Elliott wave analysis of EUR/JPY for April 20, 2018

Wave B is topping, but still has the potential to reach the 133.55 – 133.68 area before caving in and start moving lower in wave C. To confirm wave B has completed and wave C is taking over a break below support at 132.08 is needed. A break below 132.08 will call for a decline to 129.96 and 128.93 on the way lower towards the ideal target near 123.43. Depending on the extension of wave B, the ideal target for wave C might be revised higher, but we need to see, where wave B tops.

R3: 133.55

R2: 133.30

R1: 133.00

Pivot: 132.61

S1: 132.33

S2: 132.09

S3: 131.84

Trading recommendation:

We have sold EUR at 132.60. Our stop 133.10. If our stop is triggered, we will re-sell EUR at 133.50 or upon a break below 132.08.

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

Source:: Elliott wave analysis of EUR/JPY for April 20, 2018