FX.co ★ Elliott wave analysis of EUR/JPY for March 17 - 2017

Wave summary:

After a minor correction towards the 120.36-120.45 area, more upside towards 125.53 remains expected. A short-term break above the minor resistance at 122.20 will confirm continuation higher.

R3: 122.25

R2: 121.90

R1: 121.53

Pivot: 121.00

S1: 120.77

S2: 120.45

S3: 119.97

Trading recommendation:

Our stop at 121.00 has been hit for a nice profit. We will buy EUR again at 120.50 with stop placed at 119.90.