FX.co ★ Elliott wave analysis of EUR/JPY for May 1, 2017

Wave summary:

We are looking for more corrective behavior in wave iv and another stab lower towards 120.67 and below it before the next impulsive rally takes us higher towards at least 123.11.

In the short term, a break below minor support at 121.24 will confirm that one more stab lower to 120.67 is needed to complete wave iv and set the stage for the next rally higher in wave v towards at least 123.11.

R3: 123.11

R2: 122.58

R1: 122.00

Pivot: 121.50

S1: 121.24

S2: 120.67

S3: 119.86

Trading recommendation:

We will buy EUR at 120.75.