Elliott wave analysis of EUR/JPY for April 16, 2018

EUR/JPY peaked at 132.90, just above our ideal target at 132.82 and is now in a position to reinforce the underlying downtrend towards the long-term ideal target for wave (E) at 123.43.

A break below support at 131.75 will confirm wave B has peaked and wave C lower is developing.

R3: 133.39

R2: 132.89

R1: 133.66

Pivot: 132.15

S1: 131.84

S2: 131.35

S3: 130.64

Trading recommendation:

We took profit at 132.65 and booked a nice profit for 195 pips. At the same time we reversed our position to a sold EUR-position and is now short from 132.65. We have placed our stop at 132.95.

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