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

Wave summary:

More upside remains expected here. Short term, a minor corrective decline to 122.01 is expected before the next impulsive rally higher to 123.49 on the way higher to 124.20 and likely even closer to 125.53.

R3: 122.77

R2: 122.60

R1: 122.47

Pivot: 122.35

S1: 122.15

S2: 122.00

S3: 121.85

Trading recommendation:

We are long EUR from 119.86 and will move our stop higher to 121.00. If you are not long EUR yet, then buy near 122.00 and use the same stop at 121.00.