28.05.201805:21 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for May 28, 2018

Long-term review

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With the direct decline to 127.11, we need to reconsider the potential downside for now. If the wave C/ had dropped to 127.06, the wave A/ and C/ would have been exactly equal in length. As EUR/JPY turned almost exactly from the equality target at 127.06, we will have to consider the wave Y and maybe even the wave (E) as complete. Therefore, we have changed our stand temporary and will be looking for a rally back up to 130.30 and maybe even closer to 131.05 before a possible new push lower in a triple zig-zag correction.

A break above the minor resistance at 128.53 will confirm that a low is in place for a rally towards at least 130.30.

R3: 129.93

R2: 129.31

R1: 128.87

Pivot: 128.35

S1: 127.94

S2: 127.68

S3: 127.11

Trading recommendation:

We will buy EUR at 127.75 or upon a break above 128.35. We will place our stop at 127.05.

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