Elliott wave analysis of EUR/JPY for April 13, 2018
April 13, 2018 5:22 am
A final spike closer to 132.82 remains expected before renewed downside pressure is expected.
Short-term, we will remain cautiously bullish for the spike to 132.82 as long as minor support at 131.75 is able to protect the downside, but from 132.82 or upon a break below minor support at 131.75 a new impulsive decline towards 128.93 and lower is expected.
R3: 133.39
R2: 132.82
R1: 132.62
Pivot: 132.05
S1: 131.75
S2: 131.65
S3: 131.65
Trading recommendation:
We are long EUR from 130.70. We will raise our stop+reverse to 131.70. Our take profit+reverse remains at 132.65
The material has been provided by InstaForex Company – www.instaforex.com
A final spike closer to 132.82 remains expected before renewed downside pressure is expected.
Short-term, we will remain cautiously bullish for the spike to 132.82 as long as minor support at 131.75 is able to protect the downside, but from 132.82 or upon a break below minor support at 131.75 a new impulsive decline towards 128.93 and lower is expected.
R3: 133.39
R2: 132.82
R1: 132.62
Pivot: 132.05
S1: 131.75
S2: 131.65
S3: 131.65
Trading recommendation:
We are long EUR from 130.70. We will raise our stop+reverse to 131.70. Our take profit+reverse remains at 132.65
The material has been provided by InstaForex Company – www.instaforex.com
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