InstaForex - Analytics

    InstaForex

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    Technical analysis of EUR/JPY for Febuary 19, 2016 2016-02-19

    General overview for 19/02/2016:

    The higher time frame wave progression shows a complex and time consuming double-three pattern labeled on chart as ABC-X-ABC. The leg C of the pattern looks completed and the market might start to rally any time soon. Nevertheless, it is worth to mention, that this pattern might evolve to even more complex correction called triple three, which will be labeled as ABC-X-ABC-X-ABC. That means there is another big ABC leg to be made according to this scenario.

    Support/Resistance:

    125.02 - WS1

    126.61 - Intraday Resistance

    125.73 - Local Low

    127.98 - Weekly Pivot

    128.26 - Intraday Resistance

    130.13 - WR1

    133.09 - WR2

    Trading recommendations:

    Day traders should refrain from trading and wait for a better trading setup to occur in the nearest term.

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