Elliott wave analysis of EUR/JPY for February 14, 2017

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Wave summary:

The failure to rally above 121.33 has kept the minor correction alive and will likely course a minor spike to just below 120.22 before the next rally higher to above minor resistance at 121.33 and, more importantly, a break above 121.77 is seen. It confirms the rally higher towards 126.54 to complete wave 3.

In the short term, support is seen at 120.06 and then strong support is seen at 119.30, which is expected to be able to protect the downside for the rally above 121.33 and 121.77.

R3: 121.33

R2: 121.13

R1: 120.58

Pivot: 120.35

S1: 120.22

S2: 120.06

S3: 119.90

Trading recommendation:

We are long EUR from 120.15 with stop paced at 119.90.

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

Source:: Elliott wave analysis of EUR/JPY for February 14, 2017

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