Elliott wave analysis of EUR/JPY for February 28, 2017


Wave summary:

Preferably wave (iv) completed with the test of 118.19 and wave (v) to above 124.09 should now be seen, but we need a break above resistance seen at 119.86 to confirm that wave (iv) has completed and wave (v) higher is unfolding. Short-term support is seen at 118.55 and then at 118.19. The later cannot be broken under this bullish count.

R3: 120.32

R2: 119.86

R1: 119.47

Pivot: 118.75

S1: 118.55

S2: 118.19

S3: 118.00

Trading recommendation:

Buy a break above 119.86 and place your stop at 118.10.

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