FX.co ★ Elliott wave analysis of EUR/JPY for May 3, 2018

EUR/JPY has seen a new low at 131.21. This new low is likely the b-wave of an expanded flat correction in wave ii. A break above minor resistance at 131.84 will confirm this view and call for a return to the resistance near 132.54 in wave c of ii before turning lower again in wave iii towards at least 129.94.

R3: 132.14

R2: 131.84

R1: 131.55

Pivot: 131.20

S1: 131.10

S2: 130.76

S3: 130.46

Trading recommendation:

A new EUR-sell order is placed at 132.40.