Elliott wave analysis of EUR/JPY for July 25 – 2016
July 25, 2016 5:15 am
Wave summary:
As long as minor resistance at 117.27 is able to protect the upside, we will be looking for a deeper correction in wave [ii] closer to 115.41 before the next impulsive rally towards minimum 120.47 is expected.
Short term, a break below minor support at 117.30 will confirm the corrective decline towards 115.41, and once this correction in wave [ii] is complete, a new impulsive rally is expected towards at least 120.47.
Trading recommendation:
Buy EUR at 115.55 with stop at 114.80 or upon a break above 117.27.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Wave summary:
As long as minor resistance at 117.27 is able to protect the upside, we will be looking for a deeper correction in wave [ii] closer to 115.41 before the next impulsive rally towards minimum 120.47 is expected.
Short term, a break below minor support at 117.30 will confirm the corrective decline towards 115.41, and once this correction in wave [ii] is complete, a new impulsive rally is expected towards at least 120.47.
Trading recommendation:
Buy EUR at 115.55 with stop at 114.80 or upon a break above 117.27.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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