FX.co ★ Elliott wave analysis of EUR/JPY for April 10, 2018

EUR/JPY continues to follow the expected path higher towards at least 132.12 and possibly even closer to 132.82 before peaking in wave B and setting the stage for the final decline in wave C of (E) towards the long-term target at 123.43.

Short-term we will continue to look higher as long as minor support at 131.35 is able to protect the downside. A break below 131.35 will indicate that wave B is complete and wave C lower is developing.

R3: 132.82

R2: 132.43

R1: 132.12

Pivot: 131.35

S1: 131.06

S2: 130.84

S3: 130.35

Trading recommendation:

We are long EUR from 130.70, We will raise our stop+reverse to 131.30. Our take profit+reverse remains at 132.65