FX.co ★ Elliott wave analysis of EUR/JPY for April 23, 2018

EUR/JPY has failed to rally into the 133.54 – 133.68 area and is already testing short-term important support at 132.08. If this support is broken, then we can say wave B has completed and wave C of (E) lower to at least 124.94 should be expected.

As long as support at 132.08 is able to protect the downside we could see a final spike higher, but time is clearly running out for this outcome.

R3: 132.98

R2: 132.64

R1: 132.45

Pivot: 132.06

S1: 131.75

S2: 131.35

S3: 130.83

Trading recommendation:

We will sell a break below 132.08.