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24.05.201707:15 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for May 24 - 2017

Long-term review

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Wave summary:

We continue to look for a little more downside into the support zone between 123.59 - 123.92 to complete wave ii and set the stage for the next impulsive rally in wave iii towards 134.30 with the ideal target for wave C seen near 138.52.

Short-term a break below minor support seen at 124.51 confirms the expected minor decline to complete wave ii.

R3: 127.33

R2: 125.82

R1: 125.30

Pivot: 124.75

S1: 124.39

S2: 123.92

S3: 123.59

Trading recommendation:

We are looking to re-buy EUR at 124.10.

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