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

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

from www.instaforex.com https://www.instaforex.com/forex_analysis/90119/?x=BPDZ