Elliott wave analysis of EUR/JPY for February 13, 2017
February 13, 2017 6:26 am
Wave summary:
We continue to look for more upside pressure toward the ideal target seen at 126.54 to complete wave 3. A short-term break above minor resistance seen at 121.33 and more importantly a break above resistance at 121.77 will confirm the expected rally higher to 124.09 on the way higher to 126.54 from where a more sustained consolidation is expected.
Support is now seen at 120.22.
R3: 122.52
R2: 121.77
R1: 121.23
Pivot: 120.90
S1: 120.66
S2: 120.22
S3: 120.08
Trading recommendation:
We are long EUR at 120.15 with stop placed at 119.90. Take profit is placed at 126.25.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Wave summary:
We continue to look for more upside pressure toward the ideal target seen at 126.54 to complete wave 3. A short-term break above minor resistance seen at 121.33 and more importantly a break above resistance at 121.77 will confirm the expected rally higher to 124.09 on the way higher to 126.54 from where a more sustained consolidation is expected.
Support is now seen at 120.22.
R3: 122.52
R2: 121.77
R1: 121.23
Pivot: 120.90
S1: 120.66
S2: 120.22
S3: 120.08
Trading recommendation:
We are long EUR at 120.15 with stop placed at 119.90. Take profit is placed at 126.25.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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