Elliott wave analysis of EUR/JPY for January 25, 2016
January 25, 2016 7:10 am
Wave summary:
A quick rally back into the triangle consolidation was a strong indication that wave [iii] had ended and wave [iv] back to the top of wave four of one lessor degree was unfolding. The top of this wave four comes in at the level of 129.08 which is very close to the 38.2% corrective target of wave [iii] at 129.06, so with a cluster of corrective target in the area of 129.06 – 129.08 we will be looking for a top here and renewed downside pressure in wave [v] towards 123.85.
Trading recommendation:
Our stop at 127.90 was hit for a nice profit. Sell EUR again at 129.00 with stop placed at 130.80.
The material has been provided by InstaForex Company – www.instaforex.com
Wave summary:
A quick rally back into the triangle consolidation was a strong indication that wave [iii] had ended and wave [iv] back to the top of wave four of one lessor degree was unfolding. The top of this wave four comes in at the level of 129.08 which is very close to the 38.2% corrective target of wave [iii] at 129.06, so with a cluster of corrective target in the area of 129.06 – 129.08 we will be looking for a top here and renewed downside pressure in wave [v] towards 123.85.
Trading recommendation:
Our stop at 127.90 was hit for a nice profit. Sell EUR again at 129.00 with stop placed at 130.80.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: