FX.co ★ Elliott wave analysis of EUR/JPY for June 2, 2017

Wave summary:

We are looking for more upside pressure towards at least 127.50 as wave C higher is unfolding. The ideal target for this rally in wave C is seen near 138.52.

Short-term, we expect minor support seen at 124.58 will be able to protect the downside for a break above resistance at 125.81 that confirms a continuation higher towards 127.50 and above.

R3: 126.47

R2: 125.81

R1: 125.50

Pivot: 125.20

S1: 125.17

S2: 124.58

S3: 124.12

Trading recommendation:

We are long EUR from 124.65 with stop placed at 124.10. If you are not long EUR yet, then buy near 124.58 and use the same stop at 124.10.