Elliott wave analysis of EUR/JPY for May 4, 2017


Wave summary:

EUR/JPY keeps pushing higher towards the expected wave A target at 123.21, from where a corrective decline in wave B towards at least 120.00 is expected. The corrective decline in wave B can push lower towards 119.01, but time will show.

Keep looking higher for a test of 123.21 against minor support at 122.31, as a break below this minor support will indicate that wave A is complete and wave B is taking over.

R3: 123.72

R2: 123.31

R1: 123.21

Pivot: 123.00

S1: 122.55

S2: 122.31

S3: 122.07

Trading recommendation:

We will sell EUR at 123.00 or upon a break below 122.31.

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

Source:: Elliott wave analysis of EUR/JPY for May 4, 2017

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