Elliott wave analysis of EUR/JPY for July 13 – 2016
July 13, 2016 3:06 pm
Wave summary:
We were focused on the bearish corrective count for a long time, but in the light of the GBP/JPY break above it’s reflex point at 136.85, we think it will be better to look at a possible bullish count.
A break above 116.14 will be the first indication that a bottom is in place at 109.48 and a new impulsive rally is developing. However, to confirm that a low is in place a break above resistance at 122.00 will be needed.
Trade recommendation:
In light of a possible bullish count, we will remove all sell orders for this cross.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Wave summary:
We were focused on the bearish corrective count for a long time, but in the light of the GBP/JPY break above it’s reflex point at 136.85, we think it will be better to look at a possible bullish count.
A break above 116.14 will be the first indication that a bottom is in place at 109.48 and a new impulsive rally is developing. However, to confirm that a low is in place a break above resistance at 122.00 will be needed.
Trade recommendation:
In light of a possible bullish count, we will remove all sell orders for this cross.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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