Elliott wave analysis of EUR/JPY for November 5 – 2015
November 5, 2015 7:40 am
Wave summary:
With a break below support at 132.16, the odds favor red wave 2 having ended early at 133.39 and a new impulsive decline in red wave 3 lower to 128.07 as the next downside target. That said, we would like to see a break below support at 131.58 as well to confirm the downside pressure in red wave 3.
Short-term resistance is now seen at 132.20 and again at 132.47.
Trading recommendation:
We sold EUR at 132.15 and will place our stop at 132.65. If you are not short EUR yet, then sell near 132.20 and use the same stop at 132.65.
The material has been provided by InstaForex Company – www.instaforex.com
Wave summary:
With a break below support at 132.16, the odds favor red wave 2 having ended early at 133.39 and a new impulsive decline in red wave 3 lower to 128.07 as the next downside target. That said, we would like to see a break below support at 131.58 as well to confirm the downside pressure in red wave 3.
Short-term resistance is now seen at 132.20 and again at 132.47.
Trading recommendation:
We sold EUR at 132.15 and will place our stop at 132.65. If you are not short EUR yet, then sell near 132.20 and use the same stop at 132.65.
The material has been provided by InstaForex Company – www.instaforex.com
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