Elliott wave analysis of EUR/JPY for October 6, 2016
October 6, 2016 7:09 am
Wave summary:
We have already seen a test of minor resistance at 116.08 and we should now expect support in the 115.00 – 115.25 area to act as a floor for the next rally higher to 117.89 to completed wave i of (iii). Longer term, the target for wave (iii) is seen at 126.59.
A break above minor resistance at 116.37 will confirm that the decline from 118.47 only has been in three waves, which is a sign for a correction and more importantly will confirm that a new impulsive rally is developing.
Trading recommendation:
We will wait to buy the wave ii correction which is expected from near 117.89.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Wave summary:
We have already seen a test of minor resistance at 116.08 and we should now expect support in the 115.00 – 115.25 area to act as a floor for the next rally higher to 117.89 to completed wave i of (iii). Longer term, the target for wave (iii) is seen at 126.59.
A break above minor resistance at 116.37 will confirm that the decline from 118.47 only has been in three waves, which is a sign for a correction and more importantly will confirm that a new impulsive rally is developing.
Trading recommendation:
We will wait to buy the wave ii correction which is expected from near 117.89.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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