Elliott wave analysis of EUR/JPY for April 17, 2017
April 17, 2017 11:22 am
Wave summary:
The corrective decline from 122.88 looks complete with the test of 114.82, but we need a break above minor resistance at 115.72 and more importantly a small five-wave rally above resistance at 116.55 to confirm that the low is in place for renewed upside pressure to above 122.88 and 124.09.
As long as minor resistance at 115.72 is able to cap the upside, a retest of the low at 114.82 can not be excluded, but the downside should remain limited from here.
R3: 116.55
R2: 115.98
R1: 115.72
Pivot: 115.30
S1: 114.96
S2: 114.82
S3: 114.75
Trading recommendation:
We are long EUR from 115.25 with stop placed at 114.25. If you are not long EUR yet, then buy a break above 115.72 and use the same stop at 114.25.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Wave summary:
The corrective decline from 122.88 looks complete with the test of 114.82, but we need a break above minor resistance at 115.72 and more importantly a small five-wave rally above resistance at 116.55 to confirm that the low is in place for renewed upside pressure to above 122.88 and 124.09.
As long as minor resistance at 115.72 is able to cap the upside, a retest of the low at 114.82 can not be excluded, but the downside should remain limited from here.
R3: 116.55
R2: 115.98
R1: 115.72
Pivot: 115.30
S1: 114.96
S2: 114.82
S3: 114.75
Trading recommendation:
We are long EUR from 115.25 with stop placed at 114.25. If you are not long EUR yet, then buy a break above 115.72 and use the same stop at 114.25.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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