Elliott wave analysis of EUR/JPY for May 2, 2019

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EUR/JPY is trying to break clearly above 125.17, but it does not look to have the strength to do it this time, which likely will produce the final into the target-zone between 123.85 - 124.05 we have been looking for. This dip should complete the corrective decline in wave ii and call for a new impulsive rally in wave iii higher to 127.50 on the way to 129.30.

Only a clear break above 125.17 will confirm that wave ii already has completed and wave iii is well underway.

R3: 126.10

R2: 125.85

R1: 125.18

Pivot: 125.00

S1: 124.62

S2: 124.09

S3: 123.85

Trading recommendation:

We are looking for opening buy deals on EUR at 124.05 or upon a break above 125.20.

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