Elliott wave analysis of EUR/JPY for February 23, 2018

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Wave summary:

EUR/JPY should continue to move lower towards the next downside target near 127.52 on the way towards the ideal wave (E) target seen at 123.43. Short-term resistance is now seen at 132.10 and again at 132.50, while the ideal resistance at 132.10 will be able to cap the upside for the expected push lower.

R3: 132.50

R2: 132.25

R1: 132.10

Pivot: 131.65

S1: 131.55

S2: 131.20

S3: 130.73

Trading recommendation:

We will sell EUR at 132.10 or upon a break below 131.45.

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