Elliott wave analysis of EUR/JPY for March 15, 2017
March 15, 2017 12:54 pm
Wave summary:
The minor correction from 122.89 likely completed with the test of 121.59 and a break above minor resistance, seen at 122.36, is now expected for the final rally higher toward at least 124.20 and possibly even closer to 125.53 before wave 3 finally is complete.
Support is now seen at in the 121.50 – 121.60 area.
R3: 122.36
R2: 122.10
R1: 121.97
Pivot: 121.85
S1: 121.75
S2: 121.65
S3: 121.50
Trading recommendation:
We are long EUR from 119.86 with stop placed at 121.00. If you are not long EUR yet, then buy a break above 122.36 and use the same stop at 121.00
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Wave summary:
The minor correction from 122.89 likely completed with the test of 121.59 and a break above minor resistance, seen at 122.36, is now expected for the final rally higher toward at least 124.20 and possibly even closer to 125.53 before wave 3 finally is complete.
Support is now seen at in the 121.50 – 121.60 area.
R3: 122.36
R2: 122.10
R1: 121.97
Pivot: 121.85
S1: 121.75
S2: 121.65
S3: 121.50
Trading recommendation:
We are long EUR from 119.86 with stop placed at 121.00. If you are not long EUR yet, then buy a break above 122.36 and use the same stop at 121.00
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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