Elliott wave analysis of EUR/JPY for January 22 – 2015
January 22, 2015 8:10 am
Technical summary:
The 61.8% corrective target at 135.83 protected the downside to perfection. Now, we should see minor support at 136.24 protect the downside for a break above the top of wave i at 137.64 confirming that wave iii higher to 140.54 is developing. A break below support at 136.24 would arouse concern and indicate a deeper correction from the 137.64 high to the 70.7% corrective target at 135.56.
Trading recommendation:
We are long EUR from 136.88 and we will move our stop higher to 136.20. If you are not long EUR yet, then buy near 136.24 with a stop at 136.20.
The material has been provided by InstaForex Company – www.instaforex.com
Technical summary:
The 61.8% corrective target at 135.83 protected the downside to perfection. Now, we should see minor support at 136.24 protect the downside for a break above the top of wave i at 137.64 confirming that wave iii higher to 140.54 is developing. A break below support at 136.24 would arouse concern and indicate a deeper correction from the 137.64 high to the 70.7% corrective target at 135.56.
Trading recommendation:
We are long EUR from 136.88 and we will move our stop higher to 136.20. If you are not long EUR yet, then buy near 136.24 with a stop at 136.20.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: