Elliott wave analysis of EUR/JPY for February 22, 2018
February 22, 2018 6:23 am
Wave summary:
The expected rally in the wave x has taken a complete different path than we expected. The failure to break above the minor resistance at 133.39, and the quick descent and break below support at 131.71 show that the wave x instead has turned into a triangle, and the next zig-zag decline towards 127.52 is developing now.
The short-term resistance is now seen at 132.10, which ideally will cap the upside for a continued downside pressure through 131.59 towards 129.43 towards the next downside target at 127.52.
R3: 132.45
R2: 132.25
R1: 132.10
Pivot: 131.65
S1: 131.55
S2: 131.20
S3: 130.73
Trading recommendation:
Our stop at 132.00 was hit for a loss of 70 pips. We will sell EUR at 132.10 with stop placed at 132.85.
The material has been provided by InstaForex Company – www.instaforex.com
Wave summary:
The expected rally in the wave x has taken a complete different path than we expected. The failure to break above the minor resistance at 133.39, and the quick descent and break below support at 131.71 show that the wave x instead has turned into a triangle, and the next zig-zag decline towards 127.52 is developing now.
The short-term resistance is now seen at 132.10, which ideally will cap the upside for a continued downside pressure through 131.59 towards 129.43 towards the next downside target at 127.52.
R3: 132.45
R2: 132.25
R1: 132.10
Pivot: 131.65
S1: 131.55
S2: 131.20
S3: 130.73
Trading recommendation:
Our stop at 132.00 was hit for a loss of 70 pips. We will sell EUR at 132.10 with stop placed at 132.85.
The material has been provided by InstaForex Company – www.instaforex.com
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