Elliott wave analysis of EUR/JPY for May 25, 2017

Wave summary:

We continue to look for a minor correction closer to the 123.59 - 123.92 support-zone before the next impulsive rally higher towards 134.30 and 138.52 sets in. Short term, a break below minor support seen at 125.01 will confirm the expected minor correction is developing.

R3: 127.30

R2: 125.82

R1: 125.57

Pivot: 125.01

S1: 124.51

S2: 123.92

S3: 123.52

Trading recommendation:

We are looking to re-buy EUR at 124.10.

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