FX.co ★ Elliott wave analysis of EUR/JPY for June 23, 2017

Wave summary:

We are still looking for a break above 124.46 to confirm the next impulsive rally higher towards at least 127.00 and possibly even closer to 129.10 in wave iii. Short-term support is seen at 123.99 and again at 123.79. Ideally the later will be able to protect the downside for the expected break above 124.46.

R3: 124.65

R2: 124.46

R1: 124.35

Pivot: 124.25

S1: 123.99

S2: 123.87

S3: 123.79

Trading recommendation:

We are long EUR from 124.46 with stop placed at 123.55. If you are not long EUR yet, then buy a break above 124.46 and use the same stop.