Elliott wave analysis of EUR/JPY for April 12, 2018
April 12, 2018 5:22 am
EUR/JPY is now in the final stage for the B-wave correction. We still think a spike closer to 132.82 could be seen to complete wave B, but the opportunities now should be towards the downside and no longer the upside.
To confirm that wave B has peaked, we need a break below minor support at 131.73, which will call for renewed downside pressure to 128.97 on the way towards the long-term target for wave (E) at 123.43.
R3: 133.39
R2: 132.82
R1: 132.62
Pivot: 132.05
S1: 131.83
S2: 131.65
S3: 131.35
Trading recommendation:
We are long EUR from 130.70 with stop placed at 131.65 Our take profit+reverse remains at 132.65
The material has been provided by InstaForex Company – www.instaforex.com
EUR/JPY is now in the final stage for the B-wave correction. We still think a spike closer to 132.82 could be seen to complete wave B, but the opportunities now should be towards the downside and no longer the upside.
To confirm that wave B has peaked, we need a break below minor support at 131.73, which will call for renewed downside pressure to 128.97 on the way towards the long-term target for wave (E) at 123.43.
R3: 133.39
R2: 132.82
R1: 132.62
Pivot: 132.05
S1: 131.83
S2: 131.65
S3: 131.35
Trading recommendation:
We are long EUR from 130.70 with stop placed at 131.65 Our take profit+reverse remains at 132.65
The material has been provided by InstaForex Company – www.instaforex.com
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