Elliott wave analysis of EUR/JPY for March 28, 2017

Wave summary:

EUR/JPY is trying to clear minor resistance seen at 120.34 to confirm that the correction in wave ii completed with the test of 119.28 and wave iii higher to 123.97 and then 125.17 and maybe even closer to 126.54 to complete wave 3.

Only a break below support seen at 119.50 will delay the expected rally higher.

R3: 121.84

R2: 120.75

R1: 120.39

Pivot: 120.00

S1: 119.77

S2: 119.50

S3: 119.28

Trading recommendation:

We are long EUR from 119.65 with stop placed at 119.20. If you are not long EUR yet, then buy near 119.95 or upon a break above 120.39 and use the same stop at 119.20.

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