FX.co ★ Elliott wave analysis of EUR/JPY for April 25, 2018

EUR/JPY rallied into the 133.54 – 133.68 area after all. Wave B should now be complete and wave C lower should soon take over for a decline to below 128.92 as wave C of (E) moves closer to at least 124.94.

In the short-term, a break below minor support at 132.59 will be the first good indication that the wave B has completed and the wave C is developing.

R3: 133.68

R2: 133.48

R1: 133.28

Pivot: 132.59

S1: 132.07

S2: 131.75

S3: 131.35

Trading recommendation:

We are short EUR from 132.85 with stop placed at 133.85.