Elliott wave analysis of EUR/JPY for May 31, 2017

Wave summary:

The low of wave ii was seen at 123.12 just above our ideal target seen at 123.02. We are now looking for a break above minor resistance seen at 124.65, confirming wave iii higher is developing for a rally to above 125.81 for a continuation higher to 134.30.

Short term, we could see a minor dip closer to 123.61 before the next move higher to above 124.65.

R3: 124.93

R2: 124.65

R1: 124.39

Pivot: 124.00

S1: 123.61

S2: 123.45

S3: 123.12

Trading recommendation:

We missed our buying opportunity by just 7 pips. We will buy EUR at 123.65 or upon a break above 124.65.

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