Elliott wave analysis of EUR/JPY for January 27 – 2017
January 27, 2017 6:28 am
Wave summary:
A break above resistance at 122.95 will confirm continuation higher towards 125.37 and 126.54 as the next targets. This final rally higher towards 126.54 should complete wave 3 and set the stage for a shallow sideways consolidation in wave 4. This wave 4 consolidation will likely take 3-5 weeks to complete. This correction will likely also be rather complex and therefore not tradable.
The short-term support is now seen at 122.45 and again at 122.18.
R3: 123,73
R2: 123.08
R1: 122.95
Pivot: 122.75
S1: 122.60
S2: 122.46
S3: 122.18
Trading recommendation:
We are long EUR from 121.40 and will move our stop higher to 121.90. Take profit will be placed at 126.25. If you are not long EUR yet, then buy a break above 122.95 and use the same stop and take profit levels.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Wave summary:
A break above resistance at 122.95 will confirm continuation higher towards 125.37 and 126.54 as the next targets. This final rally higher towards 126.54 should complete wave 3 and set the stage for a shallow sideways consolidation in wave 4. This wave 4 consolidation will likely take 3-5 weeks to complete. This correction will likely also be rather complex and therefore not tradable.
The short-term support is now seen at 122.45 and again at 122.18.
R3: 123,73
R2: 123.08
R1: 122.95
Pivot: 122.75
S1: 122.60
S2: 122.46
S3: 122.18
Trading recommendation:
We are long EUR from 121.40 and will move our stop higher to 121.90. Take profit will be placed at 126.25. If you are not long EUR yet, then buy a break above 122.95 and use the same stop and take profit levels.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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