FX.co ★ Elliott wave analysis of EUR/JPY for April 7, 2017

Wave summary:

We continue to look for a final decline into the 116.83 - 116.99 area from where a new impulsive rally in wave (v) is expected. A break above minor resistance seen at 118.43 and, more importantly, a break above resistance at 118.80 will confirm that wave (iv) has completed and wave (v) to above 124.09 is unfolding.

R3: 118.80

R2: 118.43

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 118.43.