Elliott wave analysis of EUR/JPY for December 17, 2015
December 17, 2015 7:30 am
Wave summary:
A correction in wave b ended at 132.39 and we continue to watch for a breakout above 133.78 confirming that wave c is unfolding higher towards 135.34 and possibly even higher to 136.69.
Ideally, short-term minor support at 132.65 will protect the downside for an expected breakout above 133.78. Only a breakout below support at 132.39 keeps wave b alive for a move closer to 132.11 and maybe even closer to 131.52 before wave c is ready to take over.
Trade recommendation:
We are long EUR from 132.90 with stop placed at 132.40. If you are not long yet, then buy on a break above 133.78 with stop placed at 132.60.
The material has been provided by InstaForex Company – www.instaforex.com
Wave summary:
A correction in wave b ended at 132.39 and we continue to watch for a breakout above 133.78 confirming that wave c is unfolding higher towards 135.34 and possibly even higher to 136.69.
Ideally, short-term minor support at 132.65 will protect the downside for an expected breakout above 133.78. Only a breakout below support at 132.39 keeps wave b alive for a move closer to 132.11 and maybe even closer to 131.52 before wave c is ready to take over.
Trade recommendation:
We are long EUR from 132.90 with stop placed at 132.40. If you are not long yet, then buy on a break above 133.78 with stop placed at 132.60.
The material has been provided by InstaForex Company – www.instaforex.com
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