FX.co ★ Elliott wave analysis of EUR/JPY for March 23 - 2017

Wave summary:

Wave ii has now tested the 78.6% correction target seen at 119.20 and wave iii is ready to take over for a rally to above 122.88. That said, we need a break above minor resistance at 120.34 to confirm that wave ii has completed and wave iii higher is unfolding.

R3: 121.05

R2: 120.65

R1: 120.34

Pivot: 119.85

S1: 119.60

S2: 119.28

S3: 119.16

Trading recommendation:

Buy EUR near 119.65 or upon a break above 120.34 and place your stop at 119.20