Elliott wave analysis of EUR/JPY for May 3 - 2019

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We continue to look for a finale dip into the target-area between 123.85 - 124.05 to complete wave ii and set the stage for a new sharp rally in wave iii towards 127.50 and 129.35 as the next upside targets.

Only a direct break above minor resistance at 125.20 will confirm that wave ii already has completed and wave iii is developing for a rally towards 127.50.

R3: 125.58

R2: 125.20

R1: 124.88

Pivot: 124.68

S1: 124.43

S2: 124.09

S3: 123.85

Trading recommendation:

We will buy EUR at 124.05 or upon a break above 125.20

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