FX.co ★ Elliott wave analysis of EUR/JPY for March 28, 2018

We continue to look for a little more upside closer to 132.85 to complete the wave B and set the stage for the final decline in the wave C closer to our long-term target at 123.43.

Ideally, EUR/JPY will continue to move higher directly from here, but it's allowed to move a little lower, but should respect support at 129.97 as a break below this support will indicate that the wave B could have completed pre-maturely and the wave C lower already being in motion.

R3: 132.43

R2: 131.86

R1: 131.30

Pivot: 130.76

S1: 130.55

S2: 130.25

S3: 129.97

Trading recommendation:

We will sell EUR at 132.70