Elliott wave analysis of EUR/JPY for September 29 – 2016
September 29, 2016 6:09 am
Wave summary:
The failure to break below support at 112.05 is disappointing and calls for a larger correction in wave [ii] and a move closer to the 114.40 – 114.55 area before wave [ii] is complete and wave [iii] takes over for a decline below 112.05 for a decline towards the ideal target near 104.15.
Minor support is now found at 113.59 and only below here indicates that wave [ii] is complete and wave [iii] lower to 108.03 is developing.
Trading recommendation:
We are short EUR from 112.85. If you are not short EUR yet, then sell near the 114.40 – 114.55 area and place your stop at 115.50. We will extraordinary move out stop to 115.50 too.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Wave summary:
The failure to break below support at 112.05 is disappointing and calls for a larger correction in wave [ii] and a move closer to the 114.40 – 114.55 area before wave [ii] is complete and wave [iii] takes over for a decline below 112.05 for a decline towards the ideal target near 104.15.
Minor support is now found at 113.59 and only below here indicates that wave [ii] is complete and wave [iii] lower to 108.03 is developing.
Trading recommendation:
We are short EUR from 112.85. If you are not short EUR yet, then sell near the 114.40 – 114.55 area and place your stop at 115.50. We will extraordinary move out stop to 115.50 too.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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