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Technical analysis of EUR/JPY for Febuary 7, 2017

General overview for 07/02/2017:

The corrective cycle decreased to 127% Fibo extension at the level of 119.57 and the move down looks exhausted now. The wave c (green) of the wave Z (brown) might be now completed, so the market can rebound towards the intraday resistance at the level of 120.20. If this level is clearly violated, then the next important resistance is at the level of 121.01, which is the old wave a (green) bottom. Please notice that according to the current Elliott wave count, the wave progression to the downside is only a counter trend correction in the overall structure and one more move to the upside is needed to complete the cycle.

Support/Resistance:

123.84. - WR2

123.30 - Wave XX Top

122.41 - WR1

121.70 - Weekly Pivot

121.01 - Technical Resistance

120.52 - Technical Support

120.20 - Intraday Resistance

119.57 - Intraday Support

Trading recommendations:

Sell orders from yesterday had been closed with profit at the level of 120.52. Currently, day traders should consider buying the dips as the market goes down, because there are two reasons that support this trade: the corrective cycle in wave (4) is about to complete and one more wave to the upside is needed to complete the overall impulsive structure to the upside.

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