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25.04.201710:14 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for April 25б 2017

Long-term review

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Wave summary:

We continue to look for more upside towards 120.62 and possibly even higher towards 121.92 to complete wave iii/. Wave iii/ should be followed by a shallow flat correction in wave iv/ and ideally hold above 118.88 for the next impulsive rally higher.

Longer term, we expect a rally to above 122.88 and 124.09 during this run higher.

R3: 121.92

R2: 120.62

R1: 120.16

Pivot: 120.00

S1: 119.61

S2: 119.35

S3: 118.88

Trading recommendation:

We are long EUR from 115.25 and we will move our stop higher to 118.50. If you are not long EUR yet, then buy a break above 120.16 and use the same stop at 118.50.

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