FX.co ★ Elliott wave analysis of EUR/JPY for May 7, 2018

We continue to look for more downside as wave C of (E) develops. Resistance is now seen at 131.17 and is expected to be able to cap the upside for the next decline closer to the ideal target seen at 124.94.

Even if the resistance at 131.17 is broken, back-up resistance is seen at 131.82 and should be able to cap the upside for renewed downside pressure.

R3: 131.50

R2: 131.18

R1: 130.63

Pivot: 130.17

S1: 129.87

S2: 129.45

S3: 198.93

Trading recommendation:

Sell EUR at 131.15 and place your stop at 132.15.