Elliott wave analysis of EUR/JPY for February 14, 2018

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Wave summary:

There’s nothing new to add here. We continue to look for a spike closer to the resistance in the 134.73 – 135.38 area to complete an X-wave and turn prices lower again for a decline to the strong support near 131.20.

That said, we are painfully aware of the possibility, that EUR/JPY will continue directly lower to the support near 131.20 before a larger sideways correction should be expected.

R3: 133.79

R2: 133.36

R1: 132.92

Pivot: 132.63

S1: 132.33

S2: 131.96

S3: 131.70

Trading recommendation:

We are looking for a new selling opportunity and will sell EUR at 134.50.

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