07.02.201707:46 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for February 7, 2017

Long-term review

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Wave summary:

With the break below support at 120.50 we know that an extension lower towards the 38.2% corrective target seen at 119.14 should be expected before wave (iv) finally completes and wave (v) higher to 126.54 can take over.

In the short term we need not alone a break back above minor resistance at 120.58, but also a break above resistance at 1.2177 confirms that the correction in wave (iv) is finally complete and wave (v) has taken over for long awaited rally higher to 126.54 to complete wave 3.

R3: 121.36

R2: 120.58

R1: 120.23

Pivot: 119,80

S1: 119.60

S2: 119.14

S3: 118.68

Trading recommendation:

We will buy EUR at 119,25 or upon a break above 120.58.

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