FX.co ★ Elliott wave analysis of EUR/JPY for June 22, 2017

Wave summary:

Wave c of the expanded flat wave ii completed at 123.62, just above the expected 123.43 target. This means wave iii now should be developing for a rally towards 133.34 over the coming weeks.

Short-term, support at 123.62 should be able to protect the downside for a break above minor resistance at 124.46 and more importantly above resistance at 124.65 for a rally to at least 127.00 on the way higher towards 133.34.

R3: 124.65

R2: 124.44

R1: 124.22

Pivot: 124.00

S1: 123.88

S2: 123.62

S3: 123.43

Trading recommendation:

We bought EUR at 124.45 and have placed our stop at 123.55. If you are not long EUR yet, then buy a break above 124.46 and use the same stop.