FX.co ★ Elliott wave analysis of EUR/JPY for Mach 3, 2017

Wave summary:

We remain bullish for a continuation higher to 121.28 and above here will call for a new test of 124.09 on the way toward 125.53 where wave 3 is expected to complete. Short-term support is now seen at 119.70 which is expected to protect the downside for a break above 120.49 for the rally higher to 121.28 and above.

R3: 121.77

R2: 121.28

R1: 120.49

Pivot: 120.00

S1: 119.95

S2: 119.70

S3: 119.50

Trading recommendation:

We are long EUR from 119.86 with stop placed at 118.60. If you are not long EUR yet, then buy near 119.70 or upon a break above 120.49 and use the same stop at 118.60