Elliott wave analysis of EUR/JPY for May 5, 2015
May 5, 2015 7:10 amVideo
Latest News
- Technical Analysis – GBPUSD tries to recoup some losses April 18, 2024
- USD/JPY in crisis April 18, 2024
- EUR/USD: trading plan for US session on April 18. EUR gets stuck at 1.0686 April 18, 2024
- Fed to keep policy tight for longer than markets view April 18, 2024
- Technical Analysis – BTCUSD drops to 6-week low as halving looms April 18, 2024
- Midweek Technical Look – EURUSD, US 500, WTI April 18, 2024
- Technical Analysis – AUDJPY pulls back but stays in uptrend April 18, 2024
- Forex forecast 04/18/2024: EUR/USD, USD/JPY, Oil and Bitcoin from Sebastian Seliga April 18, 2024
- Video market update for April 18, 2024 April 18, 2024
- Technical Analysis – WTI oil futures exit sideways move to the downside April 18, 2024
- Market Comment – US dollar on the back foot as nervousness lingers in equity markets April 18, 2024
- Hot forecast for EUR/USD on April 18, 2024 April 18, 2024
- EUR/USD and GBP/USD: Technical analysis on April 18 April 18, 2024
- Trading plan for GBP/USD on April 18. Simple tips for beginners April 18, 2024
- Trading plan for EUR/USD on April 18. Simple tips for beginners April 18, 2024
- The Fed and global instability: a double blow to American markets April 18, 2024
- Forecast for EUR/USD on April 18, 2024 April 18, 2024
- Forecast for GBP/USD on April 18, 2024 April 18, 2024
- Forecast for AUD/USD on April 18, 2024 April 18, 2024
- Outlook for GBP/USD on April 18. Pound was not impressed by the inflation data April 18, 2024
Technical summary:
EUR/JPY is currently in a red wave iv correction towards the corrective target at 133.43, which will be the first estimated support. It will take a break above minor resistance at 134.21 and more importantly a break above resistance at 134.73 to confirm that red wave iv is over and red wave v towards 137.40 is unfolding. In the short term, look for a test of 133.43 and maybe even lower to 132.28 as long as minor resistance at 134.21 protects the upside.
Trading recommendations:
We are long EUR from 128.85 and will keep our stop at 132.75. If you are not long EUR yet, then buy a break above 134.21 with a stop 10 pips below the most recent low.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: