Elliott wave analysis of EUR/JPY for September 27, 2016
September 27, 2016 6:10 am
Wave summary:
After the pair has broken out of the triangle, further downside movement towards the long-term corrective target at 104.15 is expected. Resistance at 114.40 should continue to cap the upside for a break below 112.48 and 112.05 for the next move lower towards 104.15 to complete the long-term corrective decline from 149.56 and set the stage for a new impulsive rally.
For now, keep the focus on the downside as long as resistance at 114.40 caps the upside.
Trading recommendation:
We are short EUR from 112.85 with stop placed at 114.45. If you are not short EUR yet, then sell when the price breaks below 113.80 or upon a break below 113.11 and use the same stop at 114.45.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Wave summary:
After the pair has broken out of the triangle, further downside movement towards the long-term corrective target at 104.15 is expected. Resistance at 114.40 should continue to cap the upside for a break below 112.48 and 112.05 for the next move lower towards 104.15 to complete the long-term corrective decline from 149.56 and set the stage for a new impulsive rally.
For now, keep the focus on the downside as long as resistance at 114.40 caps the upside.
Trading recommendation:
We are short EUR from 112.85 with stop placed at 114.45. If you are not short EUR yet, then sell when the price breaks below 113.80 or upon a break below 113.11 and use the same stop at 114.45.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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