Elliott wave analysis of EUR/JPY for March 31, 2017

Wave summary:

There is no change in view here. We are looking for a minor rally in wave D of the expected triangle consolidation. This means a rally towards 122.40 should be seen before a decline in wave E to complete the triangle consolidation for the final rally higher to 126.54.

R3: 122.83

R2: 121.84

R1: 120.45

Pivot: 119.40

S1: 119.00

S2: 118.47

S3: 118.19

Trading recommendation:

We are looking for a buying opportunity at 118.75 or upon a break above 119.85.

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