FX.co ★ Elliott wave analysis of EUR/JPY for March 24, 2017

Wave summary:

We continue to look for a firm test of minor resistance seen at 120.34, This resistance might be broken slightly before a correction toward 119.65 from where the next strong rally is expected higher toward 122.88 and above.

R3: 121.05

R2: 120.65

R1: 120.34

Pivot: 120.00

S1: 119.60

S2: 119.28

S3: 119.16

Trading recommendation:

Buy near 119.65 or upon a clear break above 120.34 with stop placed at 119.20