Elliott wave analysis of EUR/JPY for March 18, 2016
March 18, 2016 6:10 am
Wave summary:
There is a rally; nothing new to add here. We continue to expect minor resistance at 126.70 will protect the upside for a break below minor support at 125.05 calling for renewed downside pressure towards 122.06 and lower to 119.90.
A break above 126.70 will delay the expected downside pressure for a move higher to slightly above 127.27.
Trading recommendation:
We are short in EUR from 126.79 with stop placed at 126.75. If you are not short in EUR yet, then sell a break below 125.05 and use the same stop at 126.75.
The material has been provided by InstaForex Company – www.instaforex.com
Wave summary:
There is a rally; nothing new to add here. We continue to expect minor resistance at 126.70 will protect the upside for a break below minor support at 125.05 calling for renewed downside pressure towards 122.06 and lower to 119.90.
A break above 126.70 will delay the expected downside pressure for a move higher to slightly above 127.27.
Trading recommendation:
We are short in EUR from 126.79 with stop placed at 126.75. If you are not short in EUR yet, then sell a break below 125.05 and use the same stop at 126.75.
The material has been provided by InstaForex Company – www.instaforex.com
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