Elliott wave analysis of EUR/JPY for February 15, 2017

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Wave summary:

We continue to look for a clear break above minor resistance seen at 121.33 and more importantly a break above resistance at 121.76 that will confirm continuation higher to 122.35 on the way to 126.54 that will complete wave 3 of the 109.48 low. Short-term support is now seen at 120.63 and again at 120.18 the later should protect the downside at anytime or a more complex red wave ii will be unfolding.

R3: 121.76

R2: 121.33

R1: 121.17

Pivot: 121.00

S1: 120.63

S2: 120.45

S3: 120.18

Trading recommendation:

We are long EUR from 120.15. We will move our stop higher to break-even. If you are not long EUR yet, then buy EUR near 120.63 or upon a break above 121.33 and use the same stop at 120.15.

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

Source:: Elliott wave analysis of EUR/JPY for February 15, 2017

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