FX.co ★ Elliott wave analysis of EUR/JPY for March 23, 2021

EUR/JPY has corrected lower than we first anticipated, which has opened for a move closer to solid support at 128.29 as long as minor resistance at 129.94 is able to cap the upside. From support at 128.29 or upon a break above resistance at 129.94 a new impulsive rally higher towards the next upside target at 133.35.

R3: 130.66

R2: 130.18

R1: 129.94

Pivot: 129.62

S1: 129.22

S2: 128.62

S3: 128.29

Trading recommendation:

Our stop at 129.25 was triggered for a nice profit of 340 pips. We will buy EUR again at 128.40 or upon a break above 129.94