Elliott wave analysis of EUR/JPY for September 15 – 2016
September 15, 2016 5:04 am
Wave summary:
The trading range keep getting more and more narrow, which is consistent with a triangle consolidation, which is one of the options we are looking at. However, this count only stays valid if resistance at 116.37 is able to protect the upside for a break below support at 113.80, which will confirm a final decline to below support at 109.49.
A break above 116.37 on the other side, will invalidate the triangle count for a rally towards 118.47 and higher to 122.00 as the next upside targets to look for.
Trading recommendation:
We took a small profit at 115.15 and bought EUR again at 114.70 with stop placed at 113.85. If you are not long EUR yet, then only buy a break above 115.40 and place stop at 114.55.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Wave summary:
The trading range keep getting more and more narrow, which is consistent with a triangle consolidation, which is one of the options we are looking at. However, this count only stays valid if resistance at 116.37 is able to protect the upside for a break below support at 113.80, which will confirm a final decline to below support at 109.49.
A break above 116.37 on the other side, will invalidate the triangle count for a rally towards 118.47 and higher to 122.00 as the next upside targets to look for.
Trading recommendation:
We took a small profit at 115.15 and bought EUR again at 114.70 with stop placed at 113.85. If you are not long EUR yet, then only buy a break above 115.40 and place stop at 114.55.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
Related Posts: