Elliott wave analysis of EUR/JPY for March 27, 2018

USD/JPY – Weekly

USD/JPY – 4 Hourly

Long-term we continue to look for the wave (E), of a huge triangle, to continue lower to an ideal target near 123.43.

Zooming in on the shorter time-frame, we saw wave (D) complete with the test of 137.50 and since that top, we have seen wave A to a low of 129.53 and wave B is still unfolding as some kind of flat. Wave B could complete near 132.43 but it’s possible that wave C/ of B will extend closer to 132.82 before completing and setting the stage for the next impulsive decline in wave C towards the ideal target near 123.43.

R3: 132.82

R2: 132.42

R1: 131.98

Pivot: 131.72

S1: 131.17

S2: 130.53

S3: 130.24

Trade recommendation:

We will be looking for a selling opportunity in the 132.43 – 132.82 area

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

Source:: Elliott wave analysis of EUR/JPY for March 27, 2018