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


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

Won't your trader friends like this?
About the Author
InstaForex brand was created in 2007 and at the moment it’s a top choice of more than 2,000,000 traders. More than 1,000 clients open accounts with InstaForex every day. All InstaForex clients get great opportunities for effective trading on the forex market, as well as on-time technical and customer support

Leave a Reply