Elliott wave analysis of EUR/JPY for March 8, 2018

Wave summary:

We continue to look for more upside closer to 132.90 before the next turn lower towards 127.52 and the ideal (E) wave target near 123.43. The expected rally to 132.90 has meet over here resistance near 132.00 and the ongoing consolidation is expected to result in a break above resistance at 132.00 for a spike higher to 132.00 before wave B is complete.

R3: 132.19

R2: 131.76

R1: 131.55

Pivot: 131.00

S1: 130.88

S2: 130.55

S3: 129.67

Trading recommendation:

We will remain sidelined for now.

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