Elliott wave analysis of EUR/JPY for April 3, 2017

Wave summary:

As long as support at 118.24 is able to protect the downside, we will favor the possible triangle count for a rally towards 122.25 in wave D of the triangle consolidation. Only an unexpected break below support at 118.24 will invalidate the triangle consolidation and call for a little more downside towards 117,00 to complete the double zig-zag correction and set the stage for a new impulsive rally above 124.10.

R3: 122.83

R2: 121.84

R1: 120.45

Pivot: 118.75

S1: 118.47

S2: 118.19

S3: 117.00

Trading recommendation:

We are long EUR from 118.75 with stop placed at 118,00.

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