FX.co ★ Elliott wave analysis of EUR/JPY for March 1, 2018

Wave summary:

EUR/JPY continues to follow the expected path lower towards the next downside target seen at 128.69.

Short-term resistance is seen at 130.41 and again at 130.89. The later one should be able to cap the upside for the expected decline lower towards 128.69.

R3: 131.15

R2: 130.89

R1: 130.41

Pivot: 129.80

S1: 129.40

S2: 128.96

S3: 128.69

Trading recommendation:

We are short EUR from 131.45 and we will move our stop lower to 130.45 and take profit at 128.85