Elliott wave analysis of EUR/JPY for March 5, 2018

Wave summary:

As expected, we saw a final spike lower to 129.63 (the low was seen at 129.53), this should have completed the wave A, and now we are looking for the wave B towards at least 1.3290. In the short term, a break above the minor resistance at 130.74 will confirm that the wave A has completed and the wave B is developing for a rally towards 132.90 and maybe even closer to the 50% corrective target of the wave A at 133.78 or the 61.8% corrective target of the wave A at 1.3465.

R3: 130.74

R2: 130.53

R1: 130.23

Pivot:

129.90

S1: 129.76

S2: 129.53

S3: 129.25

Trading recommendation:

We bought EUR at 129.75 and placed our stop at 129.25.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Elliott wave analysis of EUR/JPY for March 5, 2018