Elliott wave analysis of EUR/JPY for May 10, 2017

Wave summary:

With the break above resistance seen at 124.02, the correction in wave B shifted to a flat correction instead of a double zig-zag correction as originally expected. This indicates yet another decline towards at least 122.94 in wave c of B and likely just below 122.94 to complete this correction and set the stage for more upside in wave C. Short term, a break below minor support seen at 123.70 will confirm the continuation lower to 122.94 to complete wave c of B.

R3: 124.52

R2: 124.26

R1: 124.16

Pivot: 124.00

S1: 123.70

S2: 123.60

S3: 123.35

Trading recommendation:

Our stop at 124.15 was hit for a small loss. We will wait for a EUR-buying opportunity near 122.94.

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

Source:: Elliott wave analysis of EUR/JPY for May 10, 2017