Elliott wave analysis of EUR/JPY for February 16, 2017
February 16, 2017 6:17 am
Wave summary:
We continue to look for a break above minor resistance at 121.33 and more importantly a break above resistance seen at 121.77 that confirms the expected rally higher to 124.09 and 126.54 to complete wave 3. Short-term support is now seen at 120.63 and again at 120.18 that should be able to protect the downside. Should the support seen at 120.18 be broken that would indicate that red wave ii is still unfolding, but the potential downside should be very limited.
R3: 121.77
R2: 121.33
R1: 121.17
Pivot: 121.00
S1: 120.63
S2: 120.40
S3: 120.18
Trading recommendation:
We are long EUR from 120.15 with stop a break-even. If you are not long EUR yet, then buy 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 break above minor resistance at 121.33 and more importantly a break above resistance seen at 121.77 that confirms the expected rally higher to 124.09 and 126.54 to complete wave 3. Short-term support is now seen at 120.63 and again at 120.18 that should be able to protect the downside. Should the support seen at 120.18 be broken that would indicate that red wave ii is still unfolding, but the potential downside should be very limited.
R3: 121.77
R2: 121.33
R1: 121.17
Pivot: 121.00
S1: 120.63
S2: 120.40
S3: 120.18
Trading recommendation:
We are long EUR from 120.15 with stop a break-even. If you are not long EUR yet, then buy 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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