Elliott wave analysis of EUR/JPY for September 12, 2016
September 12, 2016 6:39 am
Wave summary:
We have seen the break above 115.68 adding confidence in our bullish outlook, but it has not yet been confirmed. Short term, we could see a minor dip to 114.60 before the next rally above minor resistance at 115.95 and more importantly above 116.37 to confirm the next impulsive rally higher towards at least 118.09.
Only an unexpected break back below support at 113.80 will question the bullish outlook, but only a break below 112.33 will invalidate the bullish outlook and indicate a triangle consolidation has been unfolding since the 109.49 low.
Trading recommendation:
We will buy EUR at 114.70 with stop placed at 113.75. We will keep our second buy-order at 116.40 (one order done cancels the other).
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Wave summary:
We have seen the break above 115.68 adding confidence in our bullish outlook, but it has not yet been confirmed. Short term, we could see a minor dip to 114.60 before the next rally above minor resistance at 115.95 and more importantly above 116.37 to confirm the next impulsive rally higher towards at least 118.09.
Only an unexpected break back below support at 113.80 will question the bullish outlook, but only a break below 112.33 will invalidate the bullish outlook and indicate a triangle consolidation has been unfolding since the 109.49 low.
Trading recommendation:
We will buy EUR at 114.70 with stop placed at 113.75. We will keep our second buy-order at 116.40 (one order done cancels the other).
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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