Elliott wave analysis of EUR/JPY for June 9 – 2016
June 9, 2016 8:20 am
Wave summary:
EUR/JPY tried to break above resistance at 121.98 but failed. The risk has again turned to the downside for one more low just below 120.80 before the ending diagonal is completed. A new rally can be expected. A break below the minor support at 121.30 will confirm the final decline just below 120.80 before going higher again.
Trading recommendations:
We are long on the EUR from 121.75 and we will take our stop here at 121.38. A new buy order will be placed at 120.85 with the stop at 120.00.
The material has been provided by InstaForex Company – www.instaforex.com
Wave summary:
EUR/JPY tried to break above resistance at 121.98 but failed. The risk has again turned to the downside for one more low just below 120.80 before the ending diagonal is completed. A new rally can be expected. A break below the minor support at 121.30 will confirm the final decline just below 120.80 before going higher again.
Trading recommendations:
We are long on the EUR from 121.75 and we will take our stop here at 121.38. A new buy order will be placed at 120.85 with the stop at 120.00.
The material has been provided by InstaForex Company – www.instaforex.com
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