Elliott wave analysis of EUR/JPY for October 17, 2016
October 17, 2016 8:59 am
EUR/JPY – Daily
EUR/JPY – 4-Hourly
Wave summary:
We continue to wait for more upside pressure and a break above minor resistance at 115.05 will be the first good indication that the next impulsive rally to above 116.16 is developing for a rally to 119.99 and above.
The long-term count saw a corrective low at 109.48 and ultimately a rally above the December 2014 high at 149.56 is expected.
Trading recommendation:
We are long EUR from 114.56 with stop placed at 113.90. If you are not long EUR yet, then buy near 114.33 or upon a break above resistance at 115.05 and use the same stop at 113.90.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
EUR/JPY – Daily
EUR/JPY – 4-Hourly
Wave summary:
We continue to wait for more upside pressure and a break above minor resistance at 115.05 will be the first good indication that the next impulsive rally to above 116.16 is developing for a rally to 119.99 and above.
The long-term count saw a corrective low at 109.48 and ultimately a rally above the December 2014 high at 149.56 is expected.
Trading recommendation:
We are long EUR from 114.56 with stop placed at 113.90. If you are not long EUR yet, then buy near 114.33 or upon a break above resistance at 115.05 and use the same stop at 113.90.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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