FX.co ★ Elliott wave analysis of EUR/JPY for June 6, 2017

Wave summary:

The failure to rally has shifted the short-term count in favor of a triangle consolidation unfolding for wave B. If this is the case, then support seen at 123.11 should be able to protect the downside for a rally above resistance seen at 123.31 that confirms wave C is developing for a rally towards 134.54 as the ideal upside target.

R3: 124.70

R2: 124.43

R1: 124.13

Pivot: 123.80

S1: 123.68

S2: 123.53

S3: 123.11

Trading recommendation:Our stop at 124.10 was hit for a loss of 55 pips. We bought EUR again at 123.85 and will place our stop at 123.05.