Elliott wave analysis of EUR/JPY for September 30 – 2016
September 30, 2016 5:56 am
Wave summary:
The correction in wave [ii] could be complete with the test of 114.13 and the next impulsive decline closer to the ideal downside target at 104.15 could be developing. To indicate that wave [iii] lower has taken over a break below support at 113.03 should be seen. A break below support at 113.03 will call for a decline to 109.49 on the way lower to 104.15 to complete the long term corrective decline from 149.56.
Trading recommendation:
We are short EUR from 112.85 with stop placed at 115.45 upon a break below 113.00 we will move the stop lower to 114.25. If you are not short EUR yet, then sell a break below 113.03 and use the same stop at 114.25.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Wave summary:
The correction in wave [ii] could be complete with the test of 114.13 and the next impulsive decline closer to the ideal downside target at 104.15 could be developing. To indicate that wave [iii] lower has taken over a break below support at 113.03 should be seen. A break below support at 113.03 will call for a decline to 109.49 on the way lower to 104.15 to complete the long term corrective decline from 149.56.
Trading recommendation:
We are short EUR from 112.85 with stop placed at 115.45 upon a break below 113.00 we will move the stop lower to 114.25. If you are not short EUR yet, then sell a break below 113.03 and use the same stop at 114.25.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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