FX.co ★ Elliott wave analysis of EUR/JPY for February 24 - 2017

Wave summary:

As long as the short-term important support at 118.55 protects the downside, we will be looking for a break above the minor resistance at 119.51 and more importantly above the resistance at 120.32 that confirms the next impulsive rally towards at least 124.20. If, however, the short-term important support at 118.55 fails to protect the downside, that will extend the corrective decline towards 117.67 before renewed upside pressure should be expected.

R3: 120.32

R2: 119.86

R1: 119.51

Pivot: 118.80

S1: 118.55

S2: 118,00

S3: 117.67

Trading recommendation:

We are long EUR at 119.25 with stop placed at 118.50. If you are not long EUR yet, then only buy a break above 119.51 and use the same stop.