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Elliott wave analysis of EUR/JPY for May 8, 2019

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The failure to build on the low at 123.35 indicates that the wave ii is not yet complete and a more complex correction is developing. In this regard, a deeper correction towards the support area between 122.14 - 122.51 should be expected before a possible low is established.

Resistance is now seen at 123.74 and again at 124.30. And only a breakout above the later will indicate that the wave 2 has completed and the wave 3 is ready for a new impulsive rally above 126.77.

R3: 124.30

R2: 123.74

R1: 123.49

Pivot: 123.09

S1: 122.75

S2: 122.51

S3: 122.14

Trading recommendation:

We are long EUR from 124.05. We will move our stop higher to 123.10 or, if possible, take our loss at 123.55.

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