Elliott wave analysis of EUR/JPY for May 12, 2017

Wave summary:

We continue to look for more correction higher towards the ideal target seen at 122.33 before renewed upside pressure towards 138.52 should be expected in wave C. That said, there are still more possible corrective paths that this correction still could take from here, so we will have to stay flexible at this point and let the price action dictate the corrective path it wants to follow.

Only a direct break above 124.54 will indicate that the correction ended in wave B ended early and wave C higher already is developing.

R2: 124.02

R1: 123.80

Pivot: 123.60

S1: 123.45

S2: 123.25

S3: 122.93

Trading recommendation:

We will buy EUR at 122.50 or upon a break above 124.54

The material has been provided by InstaForex Company - www.instaforex.com