Elliott wave analysis of EUR/JPY for February 2, 2018
February 2, 2018 6:22 am
Wave summary:
Our concern that the lack of downside pressure following the break below 135.00 could lead to a final spike higher to the original (D) wave target at 137.37 has been confirmed by the break above 136.30.
In the short term a break back below support at 136.60 will indicate that the wave (D) could have completed, while a break below support at 135.93 will confirm that this is the case and the wave (E) now is developing for a decline towards 123.43.
R3: 138.65
R2: 137.93
R1: 137.37
Pivot: 136.60
S1: 136.28
S2: 135.93
S3: 135.66
Trading recommendation:
Our short position from 134.75 was stopped out at 136.50. We will sell EUR again at 137.30 or upon a break below 136.60.
The material has been provided by InstaForex Company – www.instaforex.com
Wave summary:
Our concern that the lack of downside pressure following the break below 135.00 could lead to a final spike higher to the original (D) wave target at 137.37 has been confirmed by the break above 136.30.
In the short term a break back below support at 136.60 will indicate that the wave (D) could have completed, while a break below support at 135.93 will confirm that this is the case and the wave (E) now is developing for a decline towards 123.43.
R3: 138.65
R2: 137.93
R1: 137.37
Pivot: 136.60
S1: 136.28
S2: 135.93
S3: 135.66
Trading recommendation:
Our short position from 134.75 was stopped out at 136.50. We will sell EUR again at 137.30 or upon a break below 136.60.
The material has been provided by InstaForex Company – www.instaforex.com
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