Elliott wave analysis of EUR/JPY for July 17, 2015
July 17, 2015 7:10 am
Technical summary:
An expanded flat took longer time than we had expected. Now, we need a break above minor resistance at 135.55 to indicate that wave ii is over and wave iii is ready to take over. Until a break above 135.55 is seen, we must accept a possibility of a move closer to 134.45 before the expanded flat finally comes to the end.
Once minor resistance at 135.55 is cleared, upside acceleration towards 141.52 should be seen.
Trading recommendation:
We are long EUR from 134.07 with stop placed at 134.25. If you are not long EUR yet, then buy near 134.45 or upon a break above 135.55 with stop placed at 134.25.
The material has been provided by InstaForex Company – www.instaforex.com
Technical summary:
An expanded flat took longer time than we had expected. Now, we need a break above minor resistance at 135.55 to indicate that wave ii is over and wave iii is ready to take over. Until a break above 135.55 is seen, we must accept a possibility of a move closer to 134.45 before the expanded flat finally comes to the end.
Once minor resistance at 135.55 is cleared, upside acceleration towards 141.52 should be seen.
Trading recommendation:
We are long EUR from 134.07 with stop placed at 134.25. If you are not long EUR yet, then buy near 134.45 or upon a break above 135.55 with stop placed at 134.25.
The material has been provided by InstaForex Company – www.instaforex.com
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