Elliott wave analysis of EUR/JPY for March 7 – 2016
March 7, 2016 7:40 am
Wave summary:
With the break above minor resistance at 125.01 the possible running triangle was invalidated and instead the expanded flat correction took over as a preferred corrective pattern. Red wave c should ideally make it to 126.24 before the expanded flat is complete for a new impulsive decline to 119.90.
Short-term support is seen at 124.35, which ideally will protect the downside for the rally towards 126.24.
Trading recommendation:
Sell EUR near 126.24 and place stop at 127.45.
The material has been provided by InstaForex Company – www.instaforex.com
Wave summary:
With the break above minor resistance at 125.01 the possible running triangle was invalidated and instead the expanded flat correction took over as a preferred corrective pattern. Red wave c should ideally make it to 126.24 before the expanded flat is complete for a new impulsive decline to 119.90.
Short-term support is seen at 124.35, which ideally will protect the downside for the rally towards 126.24.
Trading recommendation:
Sell EUR near 126.24 and place stop at 127.45.
The material has been provided by InstaForex Company – www.instaforex.com
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