Elliott wave analysis of EUR/JPY for February 23 – 2015
February 23, 2015 8:10 am
Technical summary:
On Friday prices broke below 133.92 shortly, but failed to make a follow through. On the other side, prices have not been able to break above resistance at 135.94. So the big question is of course, whether the correction from 130.14 is still unfolding or wave (iv) terminated at 136.69 and wave (v) lower to 125.98 is unfolding. The best interpretation is to consider the correction in wave (iv) as still unfolding towards 137.65 before wave (v) will be ready to take over. Only a direct break below support at 133.51 tells us that wave (iv) has terminated and wave (v) lower towards 125.98 is unfolding.
Trading recommendation:
We sold EUR at 133.90 with stop placed at 136.00
The material has been provided by InstaForex Company – www.instaforex.com
Technical summary:
On Friday prices broke below 133.92 shortly, but failed to make a follow through. On the other side, prices have not been able to break above resistance at 135.94. So the big question is of course, whether the correction from 130.14 is still unfolding or wave (iv) terminated at 136.69 and wave (v) lower to 125.98 is unfolding. The best interpretation is to consider the correction in wave (iv) as still unfolding towards 137.65 before wave (v) will be ready to take over. Only a direct break below support at 133.51 tells us that wave (iv) has terminated and wave (v) lower towards 125.98 is unfolding.
Trading recommendation:
We sold EUR at 133.90 with stop placed at 136.00
The material has been provided by InstaForex Company – www.instaforex.com
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