Elliott wave analysis of EUR/JPY for February 7, 2018

Wave summary:

EUR/JPY has followed the expected path to perfection and the corrective rally we were looking for could and should be complete soon for more downside pressure towards 133.01 and 131.24 and the next downside targets on the way lower to the long-term ideal wave (E) target at 123.43.

Short-term a break below minor support at 135.16 will indicate the corrective rally from 133.96 has completed and the next decline is developing.

R3: 136.52

R2: 136.15

R1: 135.70

Pivot: 135.16

S1: 134.49

S2: 133.96

S3: 133.65

Trading recommendation:

We sold EUR at 134.70 and again at 135.60 for a average price of 136.45. We will place our stop at 137.00

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Elliott wave analysis of EUR/JPY for February 7, 2018