Elliott wave analysis of EUR/JPY for March 15 – 2016
March 15, 2016 8:10 am
Wave summary:
The break below minor support at 126.03 is the first strong indication that the corrective wave b terminated at 127.27 and wave c now is developing for a decline to 119.90 and maybe even lower to 117.35.
In the short term, the former support at 126.03 now acts as resistance for a continuation lower to 123.01 and below here confirms the decline to 119.90 and maybe lower.
Trading recommendation:
We are short EUR from 126.79 and will move our stop lower to 126.75. If you are not short EUR yet, then sell near 126.03 and use the same stop.
The material has been provided by InstaForex Company – www.instaforex.com
Wave summary:
The break below minor support at 126.03 is the first strong indication that the corrective wave b terminated at 127.27 and wave c now is developing for a decline to 119.90 and maybe even lower to 117.35.
In the short term, the former support at 126.03 now acts as resistance for a continuation lower to 123.01 and below here confirms the decline to 119.90 and maybe lower.
Trading recommendation:
We are short EUR from 126.79 and will move our stop lower to 126.75. If you are not short EUR yet, then sell near 126.03 and use the same stop.
The material has been provided by InstaForex Company – www.instaforex.com
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