FX.co ★ Elliott wave analysis of EUR/JPY for April 26, 2018

Wave B likely peaked with the test of 133.49, but we need a break below minor support at 132.59 to confirm this is the case and that wave C below 128.97 is developing. That said, we need to allow for a final spike to just above 133.49 as long as support at 132.59 stays untouched. but a spike like that should be short-lived.

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 our stop placed at 133.85.