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Elliott wave analysis of EUR/JPY for May 8, 2017

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Wave summary:

The extension has pushed EUR/JPY higher as expected, but not only to 124.06, but slightly higher to 124.30 before prices turned lower. The following break back below minor support at 123.60 indicates that wave A has just peaked and wave B is unfolding. The minimum target to expect in wave B is seen at the 38.2% corrective target at 120.69, which by the way also marks the bottom of wave iv of A. So this would certainly be a support worth keeping an eye on.

R3: 124.52

R2: 124.08

R1: 123.80

Pivot: 123.65

S1: 123.36

S2: 122.88

S3: 122.60

Tradig recommendaton:

Our stop at 124.10 was hit for a loss. We will sell EUR again at 124.08 or upon a break below 123.50. Our stop will be placed at 124.65.

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