Elliott wave analysis of EUR/JPY for July 29 – 2016
July 29, 2016 6:15 am
Wave summary:
Disappointment over BoJ easing measures has morphed the correction in wave [ii] into a more complex structure. Short term, one more decline closer to the 61.8% corrective target at 113.70 could be seen before the correction in wave [ii] finally comes to rest and a new impulsive rally higher towards important resistance at 122.00 is seen.
Trading recommendation:
Our stop at 114.40 was hit, but we will buy EUR again at 113.85 or upon a break above 116.92 with stop place at 113.20.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Wave summary:
Disappointment over BoJ easing measures has morphed the correction in wave [ii] into a more complex structure. Short term, one more decline closer to the 61.8% corrective target at 113.70 could be seen before the correction in wave [ii] finally comes to rest and a new impulsive rally higher towards important resistance at 122.00 is seen.
Trading recommendation:
Our stop at 114.40 was hit, but we will buy EUR again at 113.85 or upon a break above 116.92 with stop place at 113.20.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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