Elliott wave analysis of EUR/JPY for April 26 – 2016
April 26, 2016 6:10 am
Wave summary:
No change in view here.
We continue to look for a continuation higher towards 127.77 as the first upside target for red wave iii. Short-term support is seen at 124.81, but we must still allow for a more complex correction that could move as low as 124.27 before a break above 125.54 confirms a continuation towards 127.77 and maybe even higher.
Trading recommendation:
We are long in EUR from 124.40 with stop placed at 124.05. If you are not long in EUR yet, then buy near 124.27 and use the same stop at 124.05.
The material has been provided by InstaForex Company – www.instaforex.com
Wave summary:
No change in view here.
We continue to look for a continuation higher towards 127.77 as the first upside target for red wave iii. Short-term support is seen at 124.81, but we must still allow for a more complex correction that could move as low as 124.27 before a break above 125.54 confirms a continuation towards 127.77 and maybe even higher.
Trading recommendation:
We are long in EUR from 124.40 with stop placed at 124.05. If you are not long in EUR yet, then buy near 124.27 and use the same stop at 124.05.
The material has been provided by InstaForex Company – www.instaforex.com
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