07.05.201906:36 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for May 7, 2019

Long-term review

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After the dip to 123.35, we are looking for a breakout above 124.61 to confirm that the wave ii has completed and the wave iii towards 127.50 and 129.35 is developing.

Short-term support is seen at 123.75 which will be able to protect the downside for the expected breakout above 124.61 in order to increase upside pressure to 125.23.

Only a breakout below 123.35 will keep the wave ii alive calling for a move closer to 123.10 and maybe even to 122.10 before the wave ii finally finds its bottom.

R3: 125.15

R2: 124.60

R1: 124.09

Pivot: 123.75

S1: 123.35

S2: 123.10

S3: 122.75

Trading recommendation:

We are long EUR from 124.05 with our stop placed at 123.05.

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