Elliott wave analysis of EUR/JPY for April 20, 2017
April 20, 2017 6:11 am
Wave summary:
EUR/JPY has already broken above short-term important resistance at 116.55 and also the resistance line from 122.88 confirming that an important low was seen with the test of 114.82 and a new strong rally to above 122.88 and 124.09 should be expected in the coming weeks/months.
Short term, a break below minor support seen at 116.45 will indicate a deeper correction towards the 115.65 – 115.90 area before strongly higher again. If, however minor support at 116.45 is able to protect the downside, we could see a direct rally higher to 117.99 and possibly even closer to 119.91 before a more substantial correction should be expected.
R3: 117.52
R2: 117.13
R1: 116.98
Pivot: 116.75
S1: 116.65
S2: 116.46
S3: 116.20
Trading recommendation:
We are long EUR from 115.25 with stop placed at 114.75. If you are not long EUR yet, the buy near 116.00 if possible and use the same stop. Otherwise buy a break above 116.98 and use a stop at 116.40.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Wave summary:
EUR/JPY has already broken above short-term important resistance at 116.55 and also the resistance line from 122.88 confirming that an important low was seen with the test of 114.82 and a new strong rally to above 122.88 and 124.09 should be expected in the coming weeks/months.
Short term, a break below minor support seen at 116.45 will indicate a deeper correction towards the 115.65 – 115.90 area before strongly higher again. If, however minor support at 116.45 is able to protect the downside, we could see a direct rally higher to 117.99 and possibly even closer to 119.91 before a more substantial correction should be expected.
R3: 117.52
R2: 117.13
R1: 116.98
Pivot: 116.75
S1: 116.65
S2: 116.46
S3: 116.20
Trading recommendation:
We are long EUR from 115.25 with stop placed at 114.75. If you are not long EUR yet, the buy near 116.00 if possible and use the same stop. Otherwise buy a break above 116.98 and use a stop at 116.40.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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