Elliott wave analysis of EUR/JPY for January 13 – 2015
January 13, 2015 7:50 am
Technical summary:
With the break below support at 140.12, wave c of y has extended beyond what we initially expected and could decline lower towards 139.22 and maybe even lower to the 70.7% corrective target at 138.72 before the correction from 149.84 finally is over. That said a break above minor resistance at 140.88 will be the first indication that a bottom is in place, while a break above resistance at 141.73 is needed to confirm the bottom and renewed strength towards 145.35 and above 149.84 longer term.
Trading recommendation:
Our stop at 139.60 was hit for a small loss. We will buy EUR again at 138.85 or upon a break above 140.88.
The material has been provided by InstaForex Company – www.instaforex.com
Technical summary:
With the break below support at 140.12, wave c of y has extended beyond what we initially expected and could decline lower towards 139.22 and maybe even lower to the 70.7% corrective target at 138.72 before the correction from 149.84 finally is over. That said a break above minor resistance at 140.88 will be the first indication that a bottom is in place, while a break above resistance at 141.73 is needed to confirm the bottom and renewed strength towards 145.35 and above 149.84 longer term.
Trading recommendation:
Our stop at 139.60 was hit for a small loss. We will buy EUR again at 138.85 or upon a break above 140.88.
The material has been provided by InstaForex Company – www.instaforex.com
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