Elliott wave analysis of EUR/JPY for May 20 – 2016
May 20, 2016 6:40 am
Wave summary:
EUR/JPY failed to rally after the break above minor resistance at 123.64 indicating that a more prolonged zig-zag correction in red wave [ii] was unfolding. We are still expecting support at 122.61 will be able to protect the downside for a break above minor resistance at 123.78 confirming the next rally higher to 126.47 and above.
Should support at 122.61 be broken, that would indicate that wave [ii] is still developing, and a decline to 122.11 should be expected before the next rally higher.
Trading recommendation:
Our stop at 122.90 was hit for a loss. We will re-buy EUR here at 123.30 with stop placed at 122.60.
The material has been provided by InstaForex Company – www.instaforex.com
Wave summary:
EUR/JPY failed to rally after the break above minor resistance at 123.64 indicating that a more prolonged zig-zag correction in red wave [ii] was unfolding. We are still expecting support at 122.61 will be able to protect the downside for a break above minor resistance at 123.78 confirming the next rally higher to 126.47 and above.
Should support at 122.61 be broken, that would indicate that wave [ii] is still developing, and a decline to 122.11 should be expected before the next rally higher.
Trading recommendation:
Our stop at 122.90 was hit for a loss. We will re-buy EUR here at 123.30 with stop placed at 122.60.
The material has been provided by InstaForex Company – www.instaforex.com
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