Elliott wave analysis of EUR/JPY for June 29 – 2016
June 29, 2016 5:26 am
Wave summary:
No change in view here. We continue to look for a decline to 107.87 in wave iii, which should be followed by a flat shallow correction in wave iv before the final decline towards 106.03 in wave v. This should finally complete the long-term corrective decline from 149.56 and set the stage for a new impulsive rally.
In the short term, a break below 113.01 will indicate the next decline to 109.50 and then a shallow correction before a move lower to 107.87 to complete wave iii.
Trading recommendation:
Our stop at 113.58 was hit, but we will sell a break below 113.01 with stop placed at 113.95, and take profit will be placed at 108.05.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Wave summary:
No change in view here. We continue to look for a decline to 107.87 in wave iii, which should be followed by a flat shallow correction in wave iv before the final decline towards 106.03 in wave v. This should finally complete the long-term corrective decline from 149.56 and set the stage for a new impulsive rally.
In the short term, a break below 113.01 will indicate the next decline to 109.50 and then a shallow correction before a move lower to 107.87 to complete wave iii.
Trading recommendation:
Our stop at 113.58 was hit, but we will sell a break below 113.01 with stop placed at 113.95, and take profit will be placed at 108.05.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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