Elliott wave analysis of EUR/JPY for July 20 – 2016
July 20, 2016 12:08 pm
Wave summary:
Wave [ii] is still unfolding and more downside pressure towards 114.81 is still expected before the next impulsive rally kicks in. The decline from the wave b high at 117.62 has been rather slow, which could indicate that a more complex wave b correction is unfolding, maybe as a small triangle. But at this point it can go both ways.
A break below minor support at 116.30 will indicate wave c goes lower to 114.81.
Trading recommendation:
We are looking for a buying opportunity at 115.00 with stop placed at 113.25.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Wave summary:
Wave [ii] is still unfolding and more downside pressure towards 114.81 is still expected before the next impulsive rally kicks in. The decline from the wave b high at 117.62 has been rather slow, which could indicate that a more complex wave b correction is unfolding, maybe as a small triangle. But at this point it can go both ways.
A break below minor support at 116.30 will indicate wave c goes lower to 114.81.
Trading recommendation:
We are looking for a buying opportunity at 115.00 with stop placed at 113.25.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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