Elliott wave analysis of EUR/JPY for December 16, 2015
December 16, 2015 7:30 am
Wave summary:
Our preferred count indicates that wave b ended at 132.39 and that wave c higher towards at least 135.34 is about to unfold. However, to confirm that wave b is over and wave c higher is developing, a breakout above 133.53 is needed. It should just be a matter of time before minor resistance at 133.53 is broken, but until then there is the risk of a deeper correction in wave b towards 132.10 and maybe even 131.52.
Trade recommendation:
We are long EUR from 132.90 with stop placed at 132.40. If you are not long EUR yet, then buy EUR upon a breakout above 133.53 and place you stop at 132.60.
The material has been provided by InstaForex Company – www.instaforex.com
Wave summary:
Our preferred count indicates that wave b ended at 132.39 and that wave c higher towards at least 135.34 is about to unfold. However, to confirm that wave b is over and wave c higher is developing, a breakout above 133.53 is needed. It should just be a matter of time before minor resistance at 133.53 is broken, but until then there is the risk of a deeper correction in wave b towards 132.10 and maybe even 131.52.
Trade recommendation:
We are long EUR from 132.90 with stop placed at 132.40. If you are not long EUR yet, then buy EUR upon a breakout above 133.53 and place you stop at 132.60.
The material has been provided by InstaForex Company – www.instaforex.com
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