Elliott wave analysis of EUR/JPY for March 8, 2017
March 8, 2017 2:44 pm
Wave summary:
We have seen the expected corrective decline towards 119.86 to complete wave ii. Wave iii higher towards at least 124.20 is now expected. The ideal target for wave 3 remains near 125.53, from where a correction in wave 4 should be expected.Short term, a clear break above minor resistance seen at 121.19 will confirm wave iii higher towards 124.20.
R3: 122.90
R2: 121.78
R1: 121.19
Pivot: 121.00
S1: 120.73
S2: 120.35
S3: 119.97
Trading recommendation:
We are long EUR from 119.86 with stop placed at 118.60. Upon a break above 121.19, we will move our stop higher to 119.95. If you are not long EUR yet, then buy a break above 121.19 and use the same stop.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Wave summary:
We have seen the expected corrective decline towards 119.86 to complete wave ii. Wave iii higher towards at least 124.20 is now expected. The ideal target for wave 3 remains near 125.53, from where a correction in wave 4 should be expected.Short term, a clear break above minor resistance seen at 121.19 will confirm wave iii higher towards 124.20.
R3: 122.90
R2: 121.78
R1: 121.19
Pivot: 121.00
S1: 120.73
S2: 120.35
S3: 119.97
Trading recommendation:
We are long EUR from 119.86 with stop placed at 118.60. Upon a break above 121.19, we will move our stop higher to 119.95. If you are not long EUR yet, then buy a break above 121.19 and use the same stop.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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