FX.co ★ Elliott wave analysis of EUR/JPY for March 8, 2017

Wave summary:

We have seen the expected corrective decline towards 119.86 to complete wave ii. Wave iii higher towards at least 124.20 is now expected. The ideal target for wave 3 remains near 125.53, from where a correction in wave 4 should be expected.Short term, a clear break above minor resistance seen at 121.19 will confirm wave iii higher towards 124.20.

R3: 122.90

R2: 121.78

R1: 121.19

Pivot: 121.00

S1: 120.73

S2: 120.35

S3: 119.97

Trading recommendation:

We are long EUR from 119.86 with stop placed at 118.60. Upon a break above 121.19, we will move our stop higher to 119.95. If you are not long EUR yet, then buy a break above 121.19 and use the same stop.