FX.co ★ Elliott wave analysis of EUR/JPY for March 6, 2018

Wave summary:

The wave B has turned into an expanded flat correction, with the wave b break below the low of the wave A at 129.53. The low of the wave b was seen at 129.32 and the wave c has been nice and strong and should continue higher towards the 132.90 target before completing and turning the prices lower in the wave C towards 127.52 on the way lower to the ideal wave (E) target at 123.43.

R3: 132.32

R2: 131.65

R1: 131.33

Pivot: 131.25

S1: 131.10

S2: 131.00

S3: 130.90

Trading recommendation:

We are long EUR from 129.75 and will move our stop higher to 130.55 and place our take profit at 132.50.