FX.co ★ Elliott wave analysis of EUR/JPY for February 13, 2017

Wave summary:

We continue to look for more upside pressure toward the ideal target seen at 126.54 to complete wave 3. A short-term break above minor resistance seen at 121.33 and more importantly a break above resistance at 121.77 will confirm the expected rally higher to 124.09 on the way higher to 126.54 from where a more sustained consolidation is expected.

Support is now seen at 120.22.

R3: 122.52

R2: 121.77

R1: 121.23

Pivot: 120.90

S1: 120.66

S2: 120.22

S3: 120.08

Trading recommendation:

We are long EUR at 120.15 with stop placed at 119.90. Take profit is placed at 126.25.