Elliott wave analysis of EUR/JPY for March 7, 2017

Wave summary:

We are still looking for a minor corrective decline closer to 119.97 before the next rally above resistance at 121.23 that will confirm more upside towards 124.09 and 125.53 to complete wave 3. Even if support at 119.97 is broken, back-up support is seen at 119.50, which should be able to protect the downside for the break above 121.23.

R3: 122.52

R2: 121.76

R1: 121.28

Pivot point: 120.60

S1: 120.25

S2: 119.97

S3: 119.50

Trading recommendation:

We are long EUR from 119.86 with stop placed at 118.60. If you are not long EUR yet, then buy near 119.97 or upon a break above 120.86 and use the same stop at 118.60.

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