FX.co ★ Elliott wave analysis of EUR/JPY for May 2, 2017

Wave summary:

There was no time for a deeper corrective decline in wave iv, and wave v higher to 123.21 is already unfolding. Once wave v and A are completed, we should see a new corrective decline towards at least 120.57 and possibly even closer to 119.01 to complete wave B and set the stage for the next impulsive rally in wave C towards 138.52.

R3: 123.21

R2: 122.89

R1: 122.63

Pivot: 122.00

S1: 121.60

S2: 121.30

S3: 120.65

Trading recommendation:

We missed the buying opportunity at 120.75 and will wait to sell EUR near 123.05 and place stop at 123.35.