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

Wave summary:

The expanded flat correction in wave ii is unfolding as expected. Wave b did not make quite as high as expected and peaked at 124.65 before turning lower in wave c to 123.43 to complete wave ii and set the stage for the next strong rally higher in wave iii towards 133.34.

R3: 124.40

R2: 124.13

R1: 123.92

Pivot: 123.78

S1: 123.74

S2: 123.52

S3: 123.43

Trading recommendation:

Our stop at 124.20 was hit for a 26 pips loss. We will buy EUR again at 123.50 or upon a break break above 124.45.