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Elliott wave analysis of EUR/JPY for May 19, 2017

analytics591e6b0a8e047.png

Wave summary:

As long as the minor resistance at 124.11 is able to cap the upside, a deeper corrective decline in wave B could be seen towards 120.69. Once this B-wave correction is complete, a new strong rally will be expected in wave C towards 138.52.

In the short term, a break below minor support at 123.42 will add renewed downside pressure here for a test of 122.53. A break below here will confirm a decline to 120.69.

R3: 124.93

R2: 124.33

R1: 124.11

Pivot: 124.00

S1: 123 24

S2: 122.89

S3: 122.53

Trading recommendation:

Our take profit was hit at 123.00 for a nice profit of 225 pips. We will sell EUR again at 124.00 or upon a break below 123.24 with stop placed at 125.00

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