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25.05.201805:07 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for May 25, 2018

Long-term review

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EUR/JPY is headed lower in the wave C of (E), with the ideal target set at 125.32. We have seen a nice powerful decline from 131.35 that broke below the low of the wave A without problems, confirming the final leg lower in the wave (E) is developing now.

In the short-term, we could see more sideways trading within the 127.52 - 129.32 range before the next spike lower through support at 129.52 for the expected decline towards 125.32.

R3: 129.32

R2: 128.88

R1: 128.52

Pivot: 128.09

S1: 127.88

S3:127.52

S3: 127.10

Trading recommendation:

We are looking for a EUR selling opportunity at 128.85

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