Elliott wave analysis of EUR/JPY for May 16 – 2016
May 16, 2016 11:40 am
Wave summary:
The correction that we looking for in wave [ii] extended lower to the 61.8% corrective target at 122.68 before turning higher in wave [iii]. We will now be looking for a break above 123.81 to confirm that wave [ii] indeed terminated at 122.61 and wave [iii] is moving higher towards at least 125.78.
Now support is seen at 122.91, which ideally will protect the downside for the break above 123.81.
Trading recommendation:
We bought the EUR at 123.10 and placed our stop at 122.60. If you are not long on the EUR yet, then buy above 123.81 and place your stop at 122.90.
The material has been provided by InstaForex Company – www.instaforex.com
Wave summary:
The correction that we looking for in wave [ii] extended lower to the 61.8% corrective target at 122.68 before turning higher in wave [iii]. We will now be looking for a break above 123.81 to confirm that wave [ii] indeed terminated at 122.61 and wave [iii] is moving higher towards at least 125.78.
Now support is seen at 122.91, which ideally will protect the downside for the break above 123.81.
Trading recommendation:
We bought the EUR at 123.10 and placed our stop at 122.60. If you are not long on the EUR yet, then buy above 123.81 and place your stop at 122.90.
The material has been provided by InstaForex Company – www.instaforex.com
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