You are here: Home > articles > Elliott Wave > Elliott wave analysis of EUR/JPY for December 2, 2016
Elliott wave analysis of EUR/JPY for December 2, 2016
December 2, 2016 6:03 amVideo
Latest News
- October 20, 2023 : Analyzing Recent Trends and Trading Opportunities in EUR/USD: A Technical Analysis Perspective. October 20, 2023
- October 20, 2023 : EUR/USD Intraday technical analysis and trading plan. October 20, 2023
- October 20, 2023 : GBP/USD Intraday technical analysis and significant key-levels. October 20, 2023
- European stocks falling while traders contemplate FED plans October 20, 2023
- Ripple: bullish continuation needs confirmation October 20, 2023
- NZD/USD: downtrend intact October 20, 2023
- EUR/USD: upside reversal possible October 20, 2023
- USD/CHF: distribution pattern October 20, 2023
- Trading Signals for EUR/USD for October 20-23, 2023: buy above 1.0566 (21 SMA – 3/8 Murray) October 20, 2023
- Technical analysis on Eurostoxx50 for October 20th, 2023. October 20, 2023
- Technical analysis on EURUSD for October 20th, 2023. October 20, 2023
- Technical analysis on Gold for October 20th, 2023. October 20, 2023
- Weekly analysis on XRPUSD for October 20th, 2023. October 20, 2023
- USD/CHF dynamics scenarios on October 20, 2023 October 20, 2023
- Economists reduced likelihood of recession in US October 20, 2023
- GBP/USD: trading plan for the US session on October 20th (analysis of morning deals). The pound is under pressure again October 20, 2023
- EUR/USD: trading plan for the US session on October 20th (analysis of morning deals). Euro buyers remain active October 20, 2023
- EUR/USD. October 20th. Jerome Powell’s impact on market volatility October 20, 2023
- Technical Analysis – USDCHF takes hit, falls to monthly lows October 20, 2023
- Bitcoin climbs to a 2-month high, touching $30,000 – Crypto News October 20, 2023
Wave summary:
A test of the pitchfork resistance-line near 121.95 is now being seen. This is close to the (iv) top at 122.00 seen on June 23. Ideally a small spike just above 122.00 will be seen, but we have entered an area, from where a wave (iv) correction towards at least 119.76 and more likely closer to the 38.2% corrective target at 118.39 could be seen anytime now.
We are only looking for a correction in wave (iv). As the correction in wave (ii) was a simple zig-zag, wave (iv) should turn into some kind of flat correction or a triangle consolidation giving us more of a sideways trading area.
Trading recommendation:
We are short EUR from 121.85 with stop placed at 122.85. If you are not short EUR yet, then sell near 122.00 or upon a break below 121.54 and use the same stop at 122.85.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
Related Posts: