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

Wave summary:

We continue to expect that support seen at 119,30 will be able to protect the downside for a break above minor resistance seen at 119.88 and more importantly above resistance at 120.32 that will indicate the next impulsive rally higher towards 126.54 is developing. An unexpected break below 119.30 will extend the corrective decline from 124.09 lower to 118.70 before renewed upside pressure should be expected.

R3: 120.63

R2: 120.32

R1: 119.88

Pivot: 119.60

S1: 119.50

S2: 119.30

S3: 119.05

Trading recommendation:

We are long EUR from 120.00 with stop placed at 119.25. If you are not long EUR yet, then buy a break above 119.88 or more importantly above resistance at 120.33 and use the same stop at 119.25.