26.05.201706:14 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for May 26, 2017

Long-term review

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Wave summary:

We continue to look for a corrective decline into the 123.78 - 124.17 area before the next impulsive rally towards 134.30 and 138.52 should be expected. Short-term resistance is now seen at 125.16 and again at 125.43, Only a break above the later will indicate that the correction is complete and more upside towards 134.30 is developing.

R3: 125.81

R2: 125.43

R1: 125.16

Pivot: 125.00

S1: 124.86

S2: 124.17

S3: 123.78

Trading recommendation:

We will re-buy EUR at 124.20 or upon a break above 125.43.

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