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Elliott wave analysis of EUR/JPY for May 19, 2021

analytics60a48eb98293b.jpg

EUR/JPY continues to make headway towards the ideal target seen at 133.66 where we expect wave 3/ to complete at set the stage for a correction in wave 4/ to at least 130.84. It is likely to reach the 38.2% corrective target at 129.06 before turning higher again to the peak of wave 5/ and 3 near 135.15.

Short-term minor support at 132.03 should be able to protect the downside for the expected push higher to 133.66. A break below 132.03 will indicate that wave 3/ already is complete and the dip in wave 4 to at least 130.84 already is in motion.

Trading recommendation:

Take profit on long positions near 133.66 or upon a break below 132.03 and re-buy EUR near 129.06 for the next run higher towards 135.15

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