Elliott wave analysis of EUR/JPY for May 4, 2018

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There was no time for a corrective rally closer to 132.54. EUR/JPY stopped at 131.67 and moved directly lower with the next downside target seen near 129.94 and then at 128.93 on the way lower to the ideal wave C target near 124.94.

R3: 131.67

R2: 131.14

R1: 130.58

Pivot: 130.23

S1: 129.87

S2: 129.50

S3: 128.93

Trading recommendation:

Sell EUR - 50% at 130.55 and 50% at 131.00 if possible

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