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Elliott wave analysis of EUR/JPY for May 3, 2017

analytics59096598c7d22.png

Wave summary:

The rally from 114.82 in wave A is close to exhaustion. As long as minor support at 121.98 is able to protect the downside, we could still see a final spike higher to the ideal 123.21 target, but it's only a matter of time before wave A completes and wave B lower towards at least 120.02 and likely even closer to 119.02 takes over.

R3: 123.21

R2: 122.89

R1: 122.60

Pivot: 122.50

S1: 122.22

S2: 121.98

S3: 121.28

Trading recommendation:

We will sell EUR at 123.00 or upon a break below support at 121.98.

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