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06.02.201807:44 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for February 6, 2018

Long-term review

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Wave summary:

The strong decline from 137.50 confirms that the wave (D) finally has peaked and the wave (E) lower towards the ideal target at 123.43 now is developing.

In the short-term, we will be looking for a corrective rally to 135.31 and likely even closer to 135.73 before the next strong decline towards 131.24 starts.

R3: 135.73

R2: 135.31

R1: 134.80

Pivot: 134.20

S1: 133.96

S2: 133.62

S3: 133.01

Trading recommendation:

We sold EUR at 137.30. We will book half profit here at 134.70 for a nice quick profit 260 pips. We will sell EUR again at 135.60 and place our stop at 137.00 for the rest of our position.

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