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Elliott wave analysis of EUR/JPY for April 4, 2017

Posted On 04 Apr 2017
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Wave summary:

With the break below 118.19 the possible triangle count has been invalidated and instead a complex double zigzag correction now is the preferred count. This count calls for a little more downside into the 116.83 – 116.99 area to complete wave (iv) and setting the stage for a possible new impulsive rally in wave (v) to above 124.09.

In the short term the former support at 118.19 now acts as resistance.

R3: 119.05

R2: 118.50

R1: 118.10

Pivot: 117.85

S1: 117.39

S2: 116.99

S3: 116.83

Trading recommendation:

Our long position from 118.75 was stop at 118.00. We will re-buy EUR at 117.05

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

Source:: Elliott wave analysis of EUR/JPY for April 4, 2017

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