FX.co ★ Elliott wave analysis of EUR/JPY for May 1, 2018

We continue to look for a little more downside closer to 131.47 to complete wave i of C. Once wave i is complete a correction to 132.55 will be expected, from here the next decline in wave iii towards at least 129.35 should be seen.

The ideal target for wave C of (E) is seen at 124.90.

R3: 132.55

R2: 132.38

R1: 132.15

Pivot:131.90

S1: 131.70

S2: 131.47

S3: 131.06

Trading recommendation:

We are short EUR from 132.85 and we will move our stop lower to 132.60. We will take half profit at 131.55.