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Elliott wave analysis of EUR/JPY for May 9, 2017

analytics5911664d14018.png

Wave summary:

The corrective decline in wave B is unfolding as expected. We should now see minor resistance at 124.02 protecting the upside for the next decline to the 120.69 target. This will likely complete wave B and set the stage for a new impulsive rally in wave C. That said, we need to allow for wave B to run it course before deeming it complete.

Short term, a break below minor support at 123.61 will indicate the the ongoing x-wave is complete and wave y lower towards 120.69 is unfolding.

R3: 124.52

R2: 124.33

R1: 123.02

Pivot: 123.80

S1: 123.61

S2: 123.44

S3: 123.11

Trading recommendation:

We are short EUR from 123.50. We will move our stop lower to 124.15. Our take profit will be placed at 120.85.

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