Elliott wave analysis of EUR/JPY for August 26, 2015
August 27, 2015 7:20 am
Technical summary:
A decline from 139.02 looks like a double zig-zag correction, and therefore more upside pressure is expected. In the short term, we will be looking for a break above minor resistance at 136.41 and more importantly a break above resistance at 137.59 confirming that a new rally to 139.02 and higher is developing.
Only a break below support at 135.42 will add more downside pressure, but only a break below 133.27 is liklely to indicate that the correction from 141.06 has turned even more complex.
Trading recommendation:
We will buy EUR upon a break above 136.41 with stop placed at 135.41
The material has been provided by InstaForex Company – www.instaforex.com
Technical summary:
A decline from 139.02 looks like a double zig-zag correction, and therefore more upside pressure is expected. In the short term, we will be looking for a break above minor resistance at 136.41 and more importantly a break above resistance at 137.59 confirming that a new rally to 139.02 and higher is developing.
Only a break below support at 135.42 will add more downside pressure, but only a break below 133.27 is liklely to indicate that the correction from 141.06 has turned even more complex.
Trading recommendation:
We will buy EUR upon a break above 136.41 with stop placed at 135.41
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: