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Wave analysis

16.02.201806:55 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for February 16, 2018

Long-term review

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Wave summary:

Not much to add here.

We continue to look for a minor recovery into the 134.73 - 135.39 resistance-area from where the renewed downside pressure is expected towards 129.30 on the way lower to the ideal wave (E) target at 123.43.

R3: 134.17

R2: 133.79

R1: 133.39

Pivot: 132.45

S1: 131.60

S2: 131.20

S3: 130.56

Trading recommendation:

We are long EUR from 132.76 with stop placed at 131.50 and take profit at 134.50

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