Elliott wave analysis of EUR/JPY for June 22, 2017
June 22, 2017 5:46 am
Wave summary:
Wave c of the expanded flat wave ii completed at 123.62, just above the expected 123.43 target. This means wave iii now should be developing for a rally towards 133.34 over the coming weeks.
Short-term, support at 123.62 should be able to protect the downside for a break above minor resistance at 124.46 and more importantly above resistance at 124.65 for a rally to at least 127.00 on the way higher towards 133.34.
R3: 124.65
R2: 124.44
R1: 124.22
Pivot: 124.00
S1: 123.88
S2: 123.62
S3: 123.43
Trading recommendation:
We bought EUR at 124.45 and have placed our stop at 123.55. If you are not long EUR yet, then buy a break above 124.46 and use the same stop.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Wave summary:
Wave c of the expanded flat wave ii completed at 123.62, just above the expected 123.43 target. This means wave iii now should be developing for a rally towards 133.34 over the coming weeks.
Short-term, support at 123.62 should be able to protect the downside for a break above minor resistance at 124.46 and more importantly above resistance at 124.65 for a rally to at least 127.00 on the way higher towards 133.34.
R3: 124.65
R2: 124.44
R1: 124.22
Pivot: 124.00
S1: 123.88
S2: 123.62
S3: 123.43
Trading recommendation:
We bought EUR at 124.45 and have placed our stop at 123.55. If you are not long EUR yet, then buy a break above 124.46 and use the same stop.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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