Elliott wave analysis of EUR/JPY for April 4, 2018

The count has not cleared as we hoped, so we remain slightly in favor of minor resistance at 131.30 being able to contain the current rally from 129.96 for renewed downside pressure towards the long-term target for wave (E) near 123.43. That said, we will respect a break above 131.30, which will indicate that wave B of (E) still is developing and a rally higher to 132.82 still could be seen before tuning lower in wave C.

R3: 131.74

R2: 131.30

R1: 130.92

Pivot: 130.34

S1: 129.96

S2: 129.45

S3: 129.22

Trading recommendation:

We are half long the normal position from 130.70. We will move our stop+reverse higher to 130.30 and keep our take profit+reverse at 132.65.

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

Source:: Elliott wave analysis of EUR/JPY for April 4, 2018