FX.co ★ Elliott wave analysis of EUR/JPY for May 13, 2019

A clear breakout above minor resistance at 123.62 will be a strong indication that the wave ii has completed with the test of 122.49 and the wave iii towards 129.35 is ready to take over. In order to confirm that the wave iii is now in control, we need to see a breakout above resistance at 124.30.

Support is currently seen at 122.98 which will be able to protect the downside for an expected break above 123.62.

R3: 124.30

R2: 123.91

R1: 123.62

Pivot; 123.35

S1: 122.92

S2: 122.75

S3: 122.42

Trading recommendation:

We are long EUR from 122.51. We will move our stop higher to 122.41 risking only 0.10 pip.