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Wave analysis

11.05.201707:23 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for May 11, 2017

Long-term review

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Wave summary:

We continue to look for a deeper correction in wave B and continue to expect a decline closer to 122.94 and ideally closer to 122.33 before we will start to look for renewed upside pressure.

Short term, a break below minor support seen at 124.06 will indicate more downside to 123.45 and 122.94 on the way towards the ideal target near 122.33.

R3: 124.53

R2: 124.26

R1: 124.16

Pivot: 124.00

S1: 123.70

S2: 123.60

S3: 123.45

Trading recommendation:

We will be looking for a new buying opportunity near 122.33

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