Elliott wave analysis of EUR/JPY for March 21, 2017
March 21, 2017 9:05 am
Wave summary:
We continue to look for more upside pressure towards 125.53 and perhaps even closer to 126.54 in wave (v) of 3. Short term, we are looking for a break above minor resistance seen at 121.86 for a rally to 122.88 and above towards 125.53.
Support is now seen at 121.44, which ideally will be able to protect the downside for the rally higher.
R3: 122.63
R2: 122.25
R1: 121.86
Pivot: 121.60
S1: 121.44
S2: 121.25
S3: 121.14
Trading recommendation:
We bought EUR at 120.65 and will place our stop at 120.50. If you are not long EUR yet, then buy near 121.44 or upon a break above 121.86 and use the same stop at 120.50.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Wave summary:
We continue to look for more upside pressure towards 125.53 and perhaps even closer to 126.54 in wave (v) of 3. Short term, we are looking for a break above minor resistance seen at 121.86 for a rally to 122.88 and above towards 125.53.
Support is now seen at 121.44, which ideally will be able to protect the downside for the rally higher.
R3: 122.63
R2: 122.25
R1: 121.86
Pivot: 121.60
S1: 121.44
S2: 121.25
S3: 121.14
Trading recommendation:
We bought EUR at 120.65 and will place our stop at 120.50. If you are not long EUR yet, then buy near 121.44 or upon a break above 121.86 and use the same stop at 120.50.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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