Elliott wave analysis of EUR/JPY for May 31 – 2016
May 31, 2016 6:40 am
Wave summary:
We continue to look for more upside progress after a minor consolidation between 123.50 and 124.15 with the next minor upside target to look for seen at 124.65, and above here the important short-term resistance at 126.47 will be the target. To confirm that a long-term bottom has been seen, as we expect, at 121.46, a break above resistance at 126.47 will be needed.
Trading recommendation:
We are long from 122.80, and we will move our stop higher to break-even. If you are not long in EUR yet, then buy near 123.50 or upon a break above 124.14 and use the same stop at 122.80.
The material has been provided by InstaForex Company – www.instaforex.com
Wave summary:
We continue to look for more upside progress after a minor consolidation between 123.50 and 124.15 with the next minor upside target to look for seen at 124.65, and above here the important short-term resistance at 126.47 will be the target. To confirm that a long-term bottom has been seen, as we expect, at 121.46, a break above resistance at 126.47 will be needed.
Trading recommendation:
We are long from 122.80, and we will move our stop higher to break-even. If you are not long in EUR yet, then buy near 123.50 or upon a break above 124.14 and use the same stop at 122.80.
The material has been provided by InstaForex Company – www.instaforex.com
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