Elliott wave analysis of EUR/JPY for January 16, 2017 888011000 110888 Wave summary; EUR/JPY rallied to 122.42 and after that turned around to take out, unexpectedly, the 121.16 low. This does open for a move a little lower to 120.87 to total wave (iv). It however, also reopens the outdoors possibility of a restorative decline closer to support at 119.05 before wave (iv) is complete. The first great indication of wave(iv )being complete will be a break above minor resistanceat 121.68, while a breakabove resistance at 122.42 willvalidate that wave(iv)is complete and wave(v)towards 126.54 has actually taken over. R3: 122,62 R2: 122.42 R1: 121.68 Pivot: 121.10 S1: 120.87 S2: 120.48 S3: 120.16 Trading suggestion : Our stop at 121.05 was hit. We will only purchase a break above 121.68.The material has actually been supplied by InstaForex Company- www.instaforex.com

By | January 16, 2017

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Wave summary;

EUR/JPY rallied to 122.42 and then turned around to take out, unexpectedly, the 121.16 low. This does open for a move slightly lower to 120.87 to complete wave (iv). It however, also reopens the outside possibility of a corrective decline closer to support at 119.05 before wave (iv) is complete. The first good indication of wave (iv) being complete will be a break above minor resistance at 121.68, while a break above resistance at 122.42 will confirm that wave (iv) is complete and wave (v) towards 126.54 has taken over.

R3: 122,62

R2: 122.42

R1: 121.68

Pivot: 121.10

S1: 120.87

S2: 120.48

S3: 120.16

Trading recommendation:

Our stop at 121.05 was hit. We will only buy a break above 121.68.

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

Jonathon Alexander