Elliott wave analysis of EUR/JPY for July 24 – 2015
July 24, 2015 7:10 am
Technical summary:
We still need a clear breakout above resistance in the area of136.38 – 136.44 to confirm more upside pressure towards 141.06 and 144.03. As long as this resistance area is able to protect the upside, the risk of a break below minor support at 134.83 remains that will keep both bullish and bearish counts alive.
We still cautiously prefer the bullish picture for a clear breakout above minor resistance at 136.44 and more importantly above resistance at 137.80 for the continuation higher to 141.06 and 144.03. However, the risk of a break below minor support at 134.83 remains adding downside pressure. There is the thread of a breakout below important support at 133.27 , which woul shift the bullish count shift to bearish one and a new decline to 126.05 and below.
Trading recommendation:
We are long EUR from 134.07 and will keep our stop at 134.75. If you are not long EUR yet, buy on a break above 136.44 and place your stop at 135.40 for now.
The material has been provided by InstaForex Company – www.instaforex.com
Technical summary:
We still need a clear breakout above resistance in the area of136.38 – 136.44 to confirm more upside pressure towards 141.06 and 144.03. As long as this resistance area is able to protect the upside, the risk of a break below minor support at 134.83 remains that will keep both bullish and bearish counts alive.
We still cautiously prefer the bullish picture for a clear breakout above minor resistance at 136.44 and more importantly above resistance at 137.80 for the continuation higher to 141.06 and 144.03. However, the risk of a break below minor support at 134.83 remains adding downside pressure. There is the thread of a breakout below important support at 133.27 , which woul shift the bullish count shift to bearish one and a new decline to 126.05 and below.
Trading recommendation:
We are long EUR from 134.07 and will keep our stop at 134.75. If you are not long EUR yet, buy on a break above 136.44 and place your stop at 135.40 for now.
The material has been provided by InstaForex Company – www.instaforex.com
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