FX.co ★ Elliott wave analysis of EUR/JPY for April 26, 2017

Wave summary:

EUR/JPY is already testing the extension target at 121.92 and the rally from 116.42 does not show signs of exhaustion yet. So as long as minor support seen at 121.22 is able to protect the downside, we should look for the possibility of even more upside towards 122.41 and maybe even closer to 123.32 before wave iii peaks.Longer term, a rally to above 124.09 remains expected here.

R3: 122.88

R2: 122.63

R1: 122.41

Pivot: 122.00

S1: 121.54

S2: 121.22

S3: 120.83

Trading recommendation:

We are long EUR from 115.25 and will move our stop higher to 121.15. Wait to buy the next correction.