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30.05.201707:08 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for May 30, 2017

Long-term review

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Wave summary:

The decline from 125.81 has extended and a low does not yet seem to be in place, this calls for a little more downside to 123.02 and maybe even slightly closer to the invalidation point seen at 122.53. Should this support be broken, that would indicate that a more complex wave B correction is unfolding.

At this point, only a break above minor resistance, seen at 124.11, will ease the downside pressure, while a break above resistance at 124.65 will confirm that a new impulsive rally to above 125.81 is developing.

R3: 124.65

R2: 124.11

R1: 123.88

Pivot: 123.50

S1: 123.02

S2: 122.82

S3: 122.53 - Invalidation point

Trading recommendation:

Our stop at 123.20 was hit for a 100 pip loss. We will look to buy EUR again at 123.05 with stop placed at 122.50.

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