Elliott wave analysis of EUR/JPY for March 9 — 2018

Wave summary:

Wave x should be completed soon for a new rally towards 132.00 and likely above it for continuation higher to 132.90. It will likely complete the corrective rally from 129.32 and turn prices lower again for the next part of the decline towards the ideal (E) wave target near 123.43.

R3: 131.98

R2: 131.51

R1: 131.11

Pivot: 130.80

S1: 130.49

S2: 129.67

S3: 129.32

Trading recommendation:

We will buy EUR here at 130.75 with stop placed at 130.75. We will place our take profit at 132.50.

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