FX.co ★ Elliott wave analysis of EUR/JPY for March 7, 2018

Wave summary:

Wave B is unfolding nicely but has run into minor overhead resistance near 132.00. However, it should be a matter of time before a second run and likely break above this resistance is seen for the expected rally higher to 132.90.

Ideally, the wave B will complete near 132.90 and turn the prices lower in the wave C towards the next support near 127.52 on the way lower to the ideal (E) wave target at 123.43.

R3: 132.19

R2: 131.76

R1: 131.44

Pivot: 130.88

S1: 130.55

S2: 130.13

S3: 129.67

Trading recommendation:Our stop at 130.55 was exactly hit and we were stopped out for a profit of 80 pips. The B-structure is becoming complex and we will sideline for now.