Elliott wave analysis of EUR/JPY for March 2, 2018

Wave summary:

Today, we would like to present an alternative count that is moving up to be the preferred count. If this count is correct, then the wave A should be close to completion and the wave B should be ready to take over for a rally towards at least 132.90.

Under this count, we do expect a final spike lower to 129.63 to complete the wave A and set the stage for a rally in the wave B.

R3: 131.70

R2: 131.25

R1: 130.79

Pivot: 130.45

S1: 130.00

S2: 129.75

S3: 129.63

Trading recommendation:

Our stop at 130.45 was hit for a 100 pip profit. We will buy EUR at 129.75 or upon a break above the resistance at 130.79.

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