Elliott wave analysis of EUR/JPY for April 13, 2017
April 13, 2017 5:35 am
Wave summary:
We continue to look for minor resistance at 116.55 to be able to cap the upside for the final decline closer to the 115.10 – 115.32 area to complete wave (iv) and set the stage for the next impulsive rally to above 124.09.
Only a direct break above minor resistance at 116.55 will indicate that wave (iv) already has completed, while a break above resistance at 117.47 is needed to confirm that wave (iv) has completed and wave (v) to above 124.09 is unfolding.
R3: 117.47
R2: 116.84
R1: 116.55
Pivot: 116.00
S1: 115.91
S2: 115.32
S1: 115.10
Trading recommendation:
We will buy EUR at 115.25 or upon a break above 117.50.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Wave summary:
We continue to look for minor resistance at 116.55 to be able to cap the upside for the final decline closer to the 115.10 – 115.32 area to complete wave (iv) and set the stage for the next impulsive rally to above 124.09.
Only a direct break above minor resistance at 116.55 will indicate that wave (iv) already has completed, while a break above resistance at 117.47 is needed to confirm that wave (iv) has completed and wave (v) to above 124.09 is unfolding.
R3: 117.47
R2: 116.84
R1: 116.55
Pivot: 116.00
S1: 115.91
S2: 115.32
S1: 115.10
Trading recommendation:
We will buy EUR at 115.25 or upon a break above 117.50.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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