FX.co ★ Elliott wave analysis of EUR/JPY for May 15, 2019

There is nothing new to add. Our downside target at 122.51 has been reached. However, as long as minor resistance at 123.60 is able to cap the upside, we could still see a slightly lower dip to 122.14 to complete the wave ii and set the stage for a new impulsive rally in the wave iii towards 129.35.

We do not prefer a dip closer to 122.14, but at this point in time, it cannot be excluded. Only a rally past minor resistance at 123.60 will eliminate this option.

R3: 124.30

R2: 123.91

R1: 123.62

Pivot: 123.02

S1: 122.70

S2: 122.46

S3: 122.14

Trading recommendation:

We are long EUR from 122.51 with our stop placed at 122.41. If our stop order is executed, we will re-buy EUR at 122.25.