Elliott wave analysis of EUR/JPY for July 21 – 2016
July 21, 2016 7:35 am
Wave summary:
We are still looking for more sideways consolidation in wave [ii]. The correction in wave [ii] turned into a flat correction. Wave [c] is just below the low of wave [a] at 115.41. Next impulsive rally higher towards at least 120.47 and possibly even higher is still expected.
In the short-term, a break below minor support at 117.49 will indicate that wave [c] of [ii] is developing.
Trading recommendation:
We will buy the 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 are still looking for more sideways consolidation in wave [ii]. The correction in wave [ii] turned into a flat correction. Wave [c] is just below the low of wave [a] at 115.41. Next impulsive rally higher towards at least 120.47 and possibly even higher is still expected.
In the short-term, a break below minor support at 117.49 will indicate that wave [c] of [ii] is developing.
Trading recommendation:
We will buy the 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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