Technical analysis of EUR/JPY for Febuary 7, 2017
February 7, 2017 9:26 amVideo
Latest News
- GBP/USD: Simple trading tips for novice traders on April 22nd (US session) April 22, 2024
- EUR/USD: Simple trading tips for novice traders on April 22nd (US session) April 22, 2024
- GBP/USD: trading plan for the US session on April 22nd (analysis of morning deals). The pound continues to fall April 22, 2024
- EUR/USD: trading plan for the US session on April 22nd (analysis of morning deals). The euro will continue trading within April 22, 2024
- EUR/USD. April 22nd. Christine Lagarde’s speech will set the tone for the week April 22, 2024
- Technical Analysis – EURGBP brings bullish scenario back to the table April 22, 2024
- GBP/USD. April 22nd. The bulls continue to retreat April 22, 2024
- Can Australian CPI data lift the struggling aussie? – Preview April 22, 2024
- Meta reports Q1 earnings after new AI model – Stock markets April 22, 2024
- Weekly forecast based on simplified wave analysis for GBP/USD, AUD/USD, USD/CHF, EUR/JPY, AUD/JPY, and US dollar index on April 22, 2024
- Technical Analysis – GBPUSD tumbles to 5-month low April 22, 2024
- Weekly forecast based on simplified wave analysis for EUR/USD, USD/JPY, GBP/JPY, USD/CAD, NZD/USD, and Gold on April 22nd April 22, 2024
- Video market update for April 22, 2024 April 22, 2024
- Weekly Technical Outlook: 22/04/2024 – Dollar index, USDJPY, EURUSD April 22, 2024
- Market Comment – Risk appetite returns as geopolitical fears calm April 22, 2024
- Weekly Technical Outlook – Dollar index, USDJPY, EURUSD April 22, 2024
- Forex forecast 04/22/2024: EUR/USD, GBP/USD, USD/JPY and Bitcoin from Sebastian Seliga April 22, 2024
- USD/JPY: trading tips for beginners for European session on April 22 April 22, 2024
- Technical Analysis – EURUSD consolidates after decline pauses April 22, 2024
- GBP/USD: trading tips for beginners for European session on April 22 April 22, 2024
General overview for 07/02/2017:
The corrective cycle decreased to 127% Fibo extension at the level of 119.57 and the move down looks exhausted now. The wave c (green) of the wave Z (brown) might be now completed, so the market can rebound towards the intraday resistance at the level of 120.20. If this level is clearly violated, then the next important resistance is at the level of 121.01, which is the old wave a (green) bottom. Please notice that according to the current Elliott wave count, the wave progression to the downside is only a counter trend correction in the overall structure and one more move to the upside is needed to complete the cycle.
Support/Resistance:
123.84. – WR2
123.30 – Wave XX Top
122.41 – WR1
121.70 – Weekly Pivot
121.01 – Technical Resistance
120.52 – Technical Support
120.20 – Intraday Resistance
119.57 – Intraday Support
Trading recommendations:
Sell orders from yesterday had been closed with profit at the level of 120.52. Currently, day traders should consider buying the dips as the market goes down, because there are two reasons that support this trade: the corrective cycle in wave (4) is about to complete and one more wave to the upside is needed to complete the overall impulsive structure to the upside.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
Related Posts: