Elliott wave analysis of EUR/JPY for July 22 – 2016
July 22, 2016 6:38 am
Wave summary:
We keep looking for one more decline to just below 115.45 to complete wave [ii] and set the stage for the next impulsive rally towards at least 120.47 and, most likely, closer to 122.76.
Short term, a minor triangle consolidation is developing, this should eventually give away towards the downside for the decline to 115.45, from where the next impulsive rally higher is expected.
A break below minor support at 116.48 confirms the decline to 115.45.
Trading recommendation:
Buy EUR at 115.55 with stop placed at 114.85
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Wave summary:
We keep looking for one more decline to just below 115.45 to complete wave [ii] and set the stage for the next impulsive rally towards at least 120.47 and, most likely, closer to 122.76.
Short term, a minor triangle consolidation is developing, this should eventually give away towards the downside for the decline to 115.45, from where the next impulsive rally higher is expected.
A break below minor support at 116.48 confirms the decline to 115.45.
Trading recommendation:
Buy EUR at 115.55 with stop placed at 114.85
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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