Elliott wave analysis of EUR/JPY for March 27, 2017

Wave summary:

We have seen the expected minor setback from 120.27 to just below the ideal target at 119.65 (the low has been seen at 119.50). We will now be looking for a break above minor resistance at 120.27 confirming a low is in place for more upside towards 122.89 and above.

Only a break below support at 119.28 will delay the expected rally higher.

R3: 121.18

R2: 120.67

R1: 120.27

Pivot: 119.85

S1: 119.50

S2: 119.28

S3: 118.95

Trading recommendation:

We are long EUR from 119.65 with stop placed at 119.20. If you are not long EUR yet, then buy a upon break above 120.27 and place your stop at 119.40.

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