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Elliott wave analysis of EUR/JPY for April 13, 2017

analytics58ef0d6475af1.png

Wave summary:

We continue to look for minor resistance at 116.55 to be able to cap the upside for the final decline closer to the 115.10 - 115.32 area to complete wave (iv) and set the stage for the next impulsive rally to above 124.09.

Only a direct break above minor resistance at 116.55 will indicate that wave (iv) already has completed, while a break above resistance at 117.47 is needed to confirm that wave (iv) has completed and wave (v) to above 124.09 is unfolding.

R3: 117.47

R2: 116.84

R1: 116.55

Pivot: 116.00

S1: 115.91

S2: 115.32

S1: 115.10

Trading recommendation:

We will buy EUR at 115.25 or upon a break above 117.50.

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