FX.co ★ Elliott wave analysis of EUR/JPY for April 10, 2017

Wave summary:

As long as resistance at 118.80 is able to cap the upside as long will the possibility for one final decline into the 116.83 - 116.99 remain. That said, we are clearly in the final stages of the corrective decline from 124.09 and once a test of the 116.83 - 116.99 area has been seen or a direct break above 118.80 is seen, that will be the signal for renewed strength towards 124.09 and above.

R3: 118.80

R2: 118.43

R1: 118.17

Pivot: 118.00

S1: 117.75

S2: 117.46

S3: 117.30

Trading recommendation:

We are buying EUR at 117.05 or upon a break above 118.80.