FX.co ★ Elliott wave analysis of EUR/JPY for May 9, 2019

The corrective decline from 127.50 still has more room to cover and should make it down to the support-area between 122.14 - 122.51 before renewed upside pressure should be expected.

Short-term resistance is seen at 123.50 which ideally will be able to cap the upside for more downside pressure towards 122.51.

Only an unexpected break back above resistance at 124.21 will confirm that wave ii already has completed and wave iii higher is developing.

R3: 124.21

R2: 123.75

R1: 123.50

Pivot: 123.28

S1: 122.89

S2: 122.51

S3: 122.14

Trading recommendation:

We are looking for a buying opportunity in the 122.14 - 122.51 area.