Elliott wave analysis of EUR/JPY for January 8, 2015
January 8, 2015 7:50 am
Technical summary:
The minor correction from 140.56 is likely to end near 142.00 for the final decline towards the ideal target at 140.12, where the entire correction from 149.78 is expected to terminate. Once the low is in place, a new impulsive rally higher is expected to move above the 149.78 high. In the short term, only an unexpected rally above 142.97 will be the first strong indication that a bottom is already is in place.
Trading recommendation:
We will buy EUR at 140.25 with a stop at 139.60.
The material has been provided by InstaForex Company – www.instaforex.com
Technical summary:
The minor correction from 140.56 is likely to end near 142.00 for the final decline towards the ideal target at 140.12, where the entire correction from 149.78 is expected to terminate. Once the low is in place, a new impulsive rally higher is expected to move above the 149.78 high. In the short term, only an unexpected rally above 142.97 will be the first strong indication that a bottom is already is in place.
Trading recommendation:
We will buy EUR at 140.25 with a stop at 139.60.
The material has been provided by InstaForex Company – www.instaforex.com
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