Elliott wave analysis of EUR/JPY for February 29 – 2016
February 29, 2016 7:20 am
Wave summary:
The correction in wave b towards at least 127.41 seems to be well underway.
Short term, we expect minor support at 123.38 to protect the downside for the next upside pressure through 125.01 for a continuation higher to 125.56 and 127.41.
A break below support at 123.38 will call for a retest of the 122.43 low.
As we have entered a period of correction, the moves will be more erratic and we will have to be more flexible.
Trading recommendation:
We are long EUR from 123.85 with stop placed at 123.35. If you are not long EUR yet, then buy near 123.65 and use the same stop at 123.35.
The material has been provided by InstaForex Company – www.instaforex.com
Wave summary:
The correction in wave b towards at least 127.41 seems to be well underway.
Short term, we expect minor support at 123.38 to protect the downside for the next upside pressure through 125.01 for a continuation higher to 125.56 and 127.41.
A break below support at 123.38 will call for a retest of the 122.43 low.
As we have entered a period of correction, the moves will be more erratic and we will have to be more flexible.
Trading recommendation:
We are long EUR from 123.85 with stop placed at 123.35. If you are not long EUR yet, then buy near 123.65 and use the same stop at 123.35.
The material has been provided by InstaForex Company – www.instaforex.com
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