empty
 
 
17.02.2020 07:40 AM
Elliott wave analysis of EUR/JPY for February 17, 2020

This image is no longer relevant

EUR/JPY has seen a low at 118.78 which is just below the lower part of our target zone between 118.85 -119.24. We are now looking for a break above minor resistance at 119.27 as the first good indication that wave 2 is complete and wave 3 is in motion for a rally above the 122.88 peak.

That said we also need to be aware, that as long as minor resistance at 119.27 stays intact slightly more downside pressure could be seen, but the potential downside from here should be limited.

R3: 119.75

R2: 119.58

R1: 119.49

Pivot: 119.27

S1: 118.85

S2: 118.78

S3: 118.55

Trading recommendation:

We are long EUR from 119.35 with our stop placed at 118.35.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback