Elliott wave analysis of EUR/JPY for February 15, 2017
February 15, 2017 6:09 am
Wave summary:
We continue to look for a clear break above minor resistance seen at 121.33 and more importantly a break above resistance at 121.76 that will confirm continuation higher to 122.35 on the way to 126.54 that will complete wave 3 of the 109.48 low. Short-term support is now seen at 120.63 and again at 120.18 the later should protect the downside at anytime or a more complex red wave ii will be unfolding.
R3: 121.76
R2: 121.33
R1: 121.17
Pivot: 121.00
S1: 120.63
S2: 120.45
S3: 120.18
Trading recommendation:
We are long EUR from 120.15. We will move our stop higher to break-even. If you are not long EUR yet, then buy EUR near 120.63 or upon a break above 121.33 and use the same stop at 120.15.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Wave summary:
We continue to look for a clear break above minor resistance seen at 121.33 and more importantly a break above resistance at 121.76 that will confirm continuation higher to 122.35 on the way to 126.54 that will complete wave 3 of the 109.48 low. Short-term support is now seen at 120.63 and again at 120.18 the later should protect the downside at anytime or a more complex red wave ii will be unfolding.
R3: 121.76
R2: 121.33
R1: 121.17
Pivot: 121.00
S1: 120.63
S2: 120.45
S3: 120.18
Trading recommendation:
We are long EUR from 120.15. We will move our stop higher to break-even. If you are not long EUR yet, then buy EUR near 120.63 or upon a break above 121.33 and use the same stop at 120.15.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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