FX.co ★ Elliott wave analysis of EUR/JPY for March 29 - 2018

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

The minute count shows, that we currently are in a sideways wave iv correction, which should produce a final minor decline closer to 130.55 before turning higher to in wave v to the 132.85 target to complete wave B and surrender to wave C for the expected decline towards 123.43.

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 buy half the normal position at 130.70 and place stop at 129.90. Take profit + revers to a full sold EUR position will be set at 132.65 if done.