Elliott wave analysis of EUR/JPY for January 12 – 2015
January 12, 2015 7:40 am
Technical summary:
As expected, the 61.8% corrective target at 140.12 been been tested (the low has been at 140.08). Now, we will be looking for confirmation that the correction from 149.78 is over. The first small indication of a bottom is a break above minor resistance at 140.52 and strong confirmation will be given upon a break above resistance at 141.73 calling for a new rally towards at least 145.35. Above here, calls for a retest of the 149.78 high are on the way higher. That said, as long as minor resistance at 140.52 protects the upside, we must admit the possibility of a move slightly lower to 139.22 before the bottom finally is in place.
Trading recommendation:
We bought EUR at 140.25 and will place our stop at 139.60.
The material has been provided by InstaForex Company – www.instaforex.com
Technical summary:
As expected, the 61.8% corrective target at 140.12 been been tested (the low has been at 140.08). Now, we will be looking for confirmation that the correction from 149.78 is over. The first small indication of a bottom is a break above minor resistance at 140.52 and strong confirmation will be given upon a break above resistance at 141.73 calling for a new rally towards at least 145.35. Above here, calls for a retest of the 149.78 high are on the way higher. That said, as long as minor resistance at 140.52 protects the upside, we must admit the possibility of a move slightly lower to 139.22 before the bottom finally is in place.
Trading recommendation:
We bought EUR at 140.25 and will place our stop at 139.60.
The material has been provided by InstaForex Company – www.instaforex.com
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