Elliott wave analysis of EUR/JPY for June 7 – 2016
June 7, 2016 9:40 amVideo
Latest News
- GBP/USD: Simple trading tips for novice traders on April 22nd (US session) April 22, 2024
- EUR/USD: Simple trading tips for novice traders on April 22nd (US session) April 22, 2024
- GBP/USD: trading plan for the US session on April 22nd (analysis of morning deals). The pound continues to fall April 22, 2024
- EUR/USD: trading plan for the US session on April 22nd (analysis of morning deals). The euro will continue trading within April 22, 2024
- EUR/USD. April 22nd. Christine Lagarde’s speech will set the tone for the week April 22, 2024
- Technical Analysis – EURGBP brings bullish scenario back to the table April 22, 2024
- GBP/USD. April 22nd. The bulls continue to retreat April 22, 2024
- Can Australian CPI data lift the struggling aussie? – Preview April 22, 2024
- Meta reports Q1 earnings after new AI model – Stock markets April 22, 2024
- Weekly forecast based on simplified wave analysis for GBP/USD, AUD/USD, USD/CHF, EUR/JPY, AUD/JPY, and US dollar index on April 22, 2024
- Technical Analysis – GBPUSD tumbles to 5-month low April 22, 2024
- Weekly forecast based on simplified wave analysis for EUR/USD, USD/JPY, GBP/JPY, USD/CAD, NZD/USD, and Gold on April 22nd April 22, 2024
- Video market update for April 22, 2024 April 22, 2024
- Weekly Technical Outlook: 22/04/2024 – Dollar index, USDJPY, EURUSD April 22, 2024
- Market Comment – Risk appetite returns as geopolitical fears calm April 22, 2024
- Weekly Technical Outlook – Dollar index, USDJPY, EURUSD April 22, 2024
- Forex forecast 04/22/2024: EUR/USD, GBP/USD, USD/JPY and Bitcoin from Sebastian Seliga April 22, 2024
- USD/JPY: trading tips for beginners for European session on April 22 April 22, 2024
- Technical Analysis – EURUSD consolidates after decline pauses April 22, 2024
- GBP/USD: trading tips for beginners for European session on April 22 April 22, 2024
Wave summary:
As we said yesterday, failure to build on the break below 121.46 could indicate that downside potential is very limited (bear-trap). It looks like an ending diagonal is developed and the break to 121.46 was the final low in this ending diagonal. If this count is correct, then a quick rally and break above the ending diagonal resistance line near 123.54 should be expected. If a break above the ending diagonal resistance line and more importantly a break above resistance at 124.19 can be seen so we will call for a quick return to the origin of the ending diagonal at 128.05 and more importantly call for the completion of the corrective decline from 149.56.
Short-term support is seen at 121.64 with back-up support at 120.80.
Trading recommendation:
We bought the EUR at 121.70 with our stop placed at 120.75. If you are not long on the EUR yet, then buy near 121.64 and use the same stop at 120.75
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: