FX.co ★ Elliott wave analysis of EUR/JPY for March 1 - 2017

Wave summary:

We have now seen the expected break above minor resistance seen at 119.86 indicating that the corrective decline in wave (iv) completed with the test of 118.19 and the final impulsive rally in wave (v) of 3 now is unfolding. This wave (v) should ideally make above 124.09 to complete wave 3. The short-term support is now seen at 119.55, which is expected to protect the downside for a continuation higher to and above 121.28.

R3: 121.28

R2: 120.66

R1: 120.35

Pivot: 120.15

S1: 119.71

S2: 119.55

S3: 119.04

Trading recommendation:

We bought EUR upon the break above 119.86 with stop placed at 118.60.