Elliott wave analysis of EUR/JPY for March 20, 2017

analytics58cf6e3530931.png

Wave summary:

Wave ii is still unfolding and is expected to move lower towards at least 120.57 and maybe even closer to 119.99, which marks the 61.8% corrective target of the rally from 118.19 to 122.89.

Once wave ii is complete, the scenario is still valid for a strong rally higher towards 125.53.

R3: 121.54

R2: 121.30

R1: 121.17

Pivot: 121.10

S1: 120.87

S2: 120.77

S3: 120.57

Trading recommendation:

We will buy EUR at 120.65 or upon a break above 121.60.

The material has been provided by InstaForex Company – www.instaforex.com
Source: Forex Review