Elliott wave analysis of EUR/JPY for February 23, 2016
February 23, 2016 6:20 am
Wave summary:
With a low at 123.69, our ideal target for wave a at 124.00 has been reached. Now , we will be looking for signs of wave b taking over for a rally back towards the channel resistance-line near 130.00. Just a word of caution is in place for wave b. It does not have to rally all the way back to 130.00 as it easily could find a top near strong resistance of 127.40.
In the short term, a breakout above 124.62 will be the first indication that wave b is unfolding, while a breakout above 125.00 will confirm that wave b is in progress.
Trading recommendation:
Our take profit at 124.25 was hit for a nice profit. We will but EUR here at 124.00 and place stop at 123.65 for a rally to at least 127.40.
The material has been provided by InstaForex Company – www.instaforex.com
Wave summary:
With a low at 123.69, our ideal target for wave a at 124.00 has been reached. Now , we will be looking for signs of wave b taking over for a rally back towards the channel resistance-line near 130.00. Just a word of caution is in place for wave b. It does not have to rally all the way back to 130.00 as it easily could find a top near strong resistance of 127.40.
In the short term, a breakout above 124.62 will be the first indication that wave b is unfolding, while a breakout above 125.00 will confirm that wave b is in progress.
Trading recommendation:
Our take profit at 124.25 was hit for a nice profit. We will but EUR here at 124.00 and place stop at 123.65 for a rally to at least 127.40.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: