Elliott wave analysis of EUR/JPY for June 2 – 2016
June 2, 2016 6:50 am
Wave summary:
Our view remain bullish as long as the low at 121.46 stays untouched. To indicate that a corrective low has been seen at 121.85, a break above minor resistance at 122.83 will be needed, while a break above resistance at 123.32 confirms the low and that a new impulsive rally is developing for a rally towards 124.19 on the way higher to important resistance at 126.47 and above.
Only an unexpected break below 121.46 will invalidate our bullish outlook and call for further decline towards the 118.75 – 119.15 area.
Trading recommendation:
We are long in EUR from 122.37 with stop placed at 121.45. If you are not long in EUR yet, then buy a break above 122.83 and use the same stop at 121.45.
The material has been provided by InstaForex Company – www.instaforex.com
Wave summary:
Our view remain bullish as long as the low at 121.46 stays untouched. To indicate that a corrective low has been seen at 121.85, a break above minor resistance at 122.83 will be needed, while a break above resistance at 123.32 confirms the low and that a new impulsive rally is developing for a rally towards 124.19 on the way higher to important resistance at 126.47 and above.
Only an unexpected break below 121.46 will invalidate our bullish outlook and call for further decline towards the 118.75 – 119.15 area.
Trading recommendation:
We are long in EUR from 122.37 with stop placed at 121.45. If you are not long in EUR yet, then buy a break above 122.83 and use the same stop at 121.45.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: