Elliott wave analysis of EUR/JPY for February 09, 2017
February 9, 2017 6:21 am
Wave summary:
We saw a stab lower, but only to 119.30, before turning higher again. However, as long as minor resistance at 120.13 is able to cap the upside, we could still see one more stab lower to 119.14 to complete wave (iv) and set the stage for wave (v) higher towards 126.54. That said, a direct break above 120.13 will indicate that wave (iv) is complete, while a break above resistance at 120.71 will confirm the low is in place for a new impulsive rally higher.
R3: 120.71
R2: 120.23
R1: 120.13
Pivot: 119.80
S1: 119.48
S2: 119.30
S3: 119.14
Trading recommendation:
We will buy EUR at 119.25 or upon a break above 120.13.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Wave summary:
We saw a stab lower, but only to 119.30, before turning higher again. However, as long as minor resistance at 120.13 is able to cap the upside, we could still see one more stab lower to 119.14 to complete wave (iv) and set the stage for wave (v) higher towards 126.54. That said, a direct break above 120.13 will indicate that wave (iv) is complete, while a break above resistance at 120.71 will confirm the low is in place for a new impulsive rally higher.
R3: 120.71
R2: 120.23
R1: 120.13
Pivot: 119.80
S1: 119.48
S2: 119.30
S3: 119.14
Trading recommendation:
We will buy EUR at 119.25 or upon a break above 120.13.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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