FX.co ★ Elliott wave analysis of EUR/JPY for March 21, 2017

Wave summary:

We continue to look for more upside pressure towards 125.53 and perhaps even closer to 126.54 in wave (v) of 3. Short term, we are looking for a break above minor resistance seen at 121.86 for a rally to 122.88 and above towards 125.53.

Support is now seen at 121.44, which ideally will be able to protect the downside for the rally higher.

R3: 122.63

R2: 122.25

R1: 121.86

Pivot: 121.60

S1: 121.44

S2: 121.25

S3: 121.14

Trading recommendation:

We bought EUR at 120.65 and will place our stop at 120.50. If you are not long EUR yet, then buy near 121.44 or upon a break above 121.86 and use the same stop at 120.50.