Elliott wave analysis of EUR/JPY for April 12, 2018

EUR/JPY is now in the final stage for the B-wave correction. We still think a spike closer to 132.82 could be seen to complete wave B, but the opportunities now should be towards the downside and no longer the upside.

To confirm that wave B has peaked, we need a break below minor support at 131.73, which will call for renewed downside pressure to 128.97 on the way towards the long-term target for wave (E) at 123.43.

R3: 133.39

R2: 132.82

R1: 132.62

Pivot: 132.05

S1: 131.83

S2: 131.65

S3: 131.35

Trading recommendation:

We are long EUR from 130.70 with stop placed at 131.65 Our take profit+reverse remains at 132.65