Elliott wave analysis of EUR/JPY for April 12, 2017: 1M FRAME
EUR/JPY - 4-Hour timeframe The break below 116.28 has forced a recount for the rally from 109.48 and even the longer-term picture. Instead of an impulsive rally from 109.48 that possibility was invalidated with the break below 116.28. Therefore we will be looking for a double zig-zag correction which is unfolding. We saw wave W completing with the test of 124.09 and wave X is currently unfolding. This ideal target for this X-wave is seen near the 61.8% corrective target of the rally from 109.48 to 124.09 which comes in at 115.10 from where the next zig-zag rally will be expected for a rally towards the 138 - 139 area.
R3: 116.88 R2: 116.69 R1: 116.40 Pivot: 116.00 S1: 115.91 S2: 115.32 S3: 115.10 Trading recommendation: Our stop at 116.05 was hit for a loss. We will only buy EUR at 115.25 or upon a break above 117.50.
R3: 116.88 R2: 116.69 R1: 116.40 Pivot: 116.00 S1: 115.91 S2: 115.32 S3: 115.10 Trading recommendation: Our stop at 116.05 was hit for a loss. We will only buy EUR at 115.25 or upon a break above 117.50.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.