FX.co ★ Elliott wave analysis of EUR/JPY for February 26, 2018

Wave summary:

EUR/JPY is headed lower towards 127.52 as the next minor downside target on the way towards the ideal wave (E) target at 123.43. In the short term, we expect that the minor resistance at 131.90 will be able to cap the upside for a continuation lower.

R3: 132.50

R2: 132.25

R1: 131.90

Pivot: 131.65

S1: 131.09

S2: 130.89

S3: 130.55

Trading recommendation:

We sold EUR at 131.45 with stop placed at 132.15