FX.co ★ Elliott wave analysis of EUR/JPY for February 15, 2018

Wave summary

The corrective structure is turning more complex, but we continue to look for a spike into the 134.73 - 135.35 target area, before the next larger decline to 131.20 on the way lower to the ideal (E) wave target at 123.43.

In the short term, a break above the minor resistance at 133.39 confirms that the expected rally higher into the 134.73 - 135.35 area is developing.

R3: 134.17

R2: 133.79

R1: 133.39

Pivot: 132.45

S1: 131.60

S2: 131.20

S3: 130.56

Trading recommendation:

We will buy EUR here at 132.76 and place our stop at 131.50. Take profit will be placed at 134.50.