empty
 
 
14.02.2017 08:11 AM
Elliott wave analysis of EUR/JPY for February 14, 2017

This image is no longer relevant

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.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback