Elliott wave analysis of EUR/JPY for April 7, 2017
April 7, 2017 12:30 pm
Wave summary:
We continue to look for a final decline into the 116.83 – 116.99 area from where a new impulsive rally in wave (v) is expected. A break above minor resistance seen at 118.43 and, more importantly, a break above resistance at 118.80 will confirm that wave (iv) has completed and wave (v) to above 124.09 is unfolding.
R3: 118.80
R2: 118.43
R1: 118.15
Pivot: 117.75
S1: 117.38
S2: 117.15
S3: 116.83
Trading recommendation:
We will buy EUR at 117.05 or upon a break above 118.43.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Wave summary:
We continue to look for a final decline into the 116.83 – 116.99 area from where a new impulsive rally in wave (v) is expected. A break above minor resistance seen at 118.43 and, more importantly, a break above resistance at 118.80 will confirm that wave (iv) has completed and wave (v) to above 124.09 is unfolding.
R3: 118.80
R2: 118.43
R1: 118.15
Pivot: 117.75
S1: 117.38
S2: 117.15
S3: 116.83
Trading recommendation:
We will buy EUR at 117.05 or upon a break above 118.43.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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