Elliott wave analysis of EUR/JPY for July 20, 2015
July 20, 2015 6:00 am
Technical summary:
A decline from 137.80 became deeper than expected, but as long as important support at 133.27 protects the downside, we will stay cautiously bullish for a rally above minor resistance at 13527 and more importantly a break above 136.38 for a new rally to 141.06 and higer.
However, a break below 133.27 will indicate that the rally from 126.05 has been in three waves that is a sign of a corrective rally and therefore a retest of 126.05 should be expected on the way lower.
Trading recommendation:
We are long EUR from 134.07 with stop placed at 134.25. If our stop is triggered, we will re-buy EUR at 134.00 and place a stop+reverse at 133.15
The material has been provided by InstaForex Company – www.instaforex.com
Technical summary:
A decline from 137.80 became deeper than expected, but as long as important support at 133.27 protects the downside, we will stay cautiously bullish for a rally above minor resistance at 13527 and more importantly a break above 136.38 for a new rally to 141.06 and higer.
However, a break below 133.27 will indicate that the rally from 126.05 has been in three waves that is a sign of a corrective rally and therefore a retest of 126.05 should be expected on the way lower.
Trading recommendation:
We are long EUR from 134.07 with stop placed at 134.25. If our stop is triggered, we will re-buy EUR at 134.00 and place a stop+reverse at 133.15
The material has been provided by InstaForex Company – www.instaforex.com
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