FX.co ★ Elliott wave analysis of EUR/JPY for March 30, 2017

Wave summary:

We are not really getting anywhere at the moment. That could imply that the consolidation seen since the wave (iii) high at 124.09 could be a triangle. If this expectation is correct, then more sideways consolidation should be expected before a rally to above 124.09 is seen.

This count will also imply that the low seen at 118.19 will continue to protect the downside.

R3: 122.83

R2: 121.84

R1: 120.45

Pivot: 119.00

S1: 118.47

S2: 118.19

S3: 117.27

Trading recommendation:

Our stop at 119.20 was hit for a small loss. We will buy EUR at 118.75 or upon a break above 119.68 with stop placed at 118.10.