FX.co ★ Elliott wave analysis of EUR/JPY for April 6, 2017

Wave summary:

The corrective decline from 124.09 in wave (iv) is now in its final stages and could complete any time now. As long as minor resistance at 118.80 is able to cap the upside, we could still see a final spike to the downside closer to the 116.83 -116.99 area. From here or upon a direct break above 118.80 wave (v) higher to above 124.09 should be seen.

R3: 118.80

R2: 118.40

R1: 118.15

Pivot 117.75

S1: 117.38

S2: 117.15

S3: 116.83

Trading recommendation:

We will buy EUR at 117.05 or upon a break above 118.80.