FX.co ★ Elliott wave analysis of EUR/JPY for March 4, 2021

EUR/JPY dipped right to low bottom end of our corrective target-area between 128.15 - 128.42 (the low was seen at 128.15) and a clear break above minor resistance at 129.39 will now call for a continuation higher towards the next minor upside target at 130.01 and longer term higher to 135.94 and 149.50 as the next major upside targets.

Ultimately we are looking for EUR/JPY to break above the July 2008 high at 169.69.

Support is now seen near 128.86 and 128.15. Ideally the later will continue to protect the downside for a break above 130.01 towards 132.16 on the way higher to 135.94.

R3: 130.50

R2: 130.01

R1: 129.39

Pivot: 128.86

S1: 128.46

S2: 128.15

S3: 127.90

Trading recommendation:

We are long EUR from 125.85 and we will keep our stop at 126.85 for now.