13.04.201806:37 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for April 13, 2018

Long-term review

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A final spike closer to 132.82 remains expected before renewed downside pressure is expected.

Short-term, we will remain cautiously bullish for the spike to 132.82 as long as minor support at 131.75 is able to protect the downside, but from 132.82 or upon a break below minor support at 131.75 a new impulsive decline towards 128.93 and lower is expected.

R3: 133.39

R2: 132.82

R1: 132.62

Pivot: 132.05

S1: 131.75

S2: 131.65

S3: 131.65

Trading recommendation:

We are long EUR from 130.70. We will raise our stop+reverse to 131.70. Our take profit+reverse remains at 132.65

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