Elliott wave analysis of EUR/JPY for August 22 – 2016
August 22, 2016 5:31 am
Wave summary:
Nothing new to add here.
We remain cautiously bullish for a break above 114.03 confirming our bullish count, that a long term corrective bottom was found at 109.48 and a new impulsive rally is building for much more upside. That said, we do acknowledged the possibility of a deeper corrective move closer to 110.80 but not below here. It is not our preferred outlook, but at this point we need to stay flexible.
Trading recommendation:
We will only buy a break above 114.03 with stop placed at 112.20.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Wave summary:
Nothing new to add here.
We remain cautiously bullish for a break above 114.03 confirming our bullish count, that a long term corrective bottom was found at 109.48 and a new impulsive rally is building for much more upside. That said, we do acknowledged the possibility of a deeper corrective move closer to 110.80 but not below here. It is not our preferred outlook, but at this point we need to stay flexible.
Trading recommendation:
We will only buy a break above 114.03 with stop placed at 112.20.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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