FX.co ★ Elliott wave analysis of EUR/JPY for May 1, 2019

Ideally we will see a final dip into the target zone between 123.85 - 124.05 to complete the corrective decline in wave ii and set the stage for a new impulsive rally through resistance at 126.85 for a rally higher to 129.35.

That said, a break above minor resistance at 125.17 will indicate that the corrective decline in wave ii already has completed and wave iii is taking over for a new impulsive rally

R3: 126.10

R2: 125.85

R1: 125.18

Pivot: 125.00

S1: 124.80

S2: 124.50

S3: 124.09

Trading recommendation:

We will buy EUR at 124.05 or upon a break above 125.20