Elliott wave analysis of EUR/JPY for October 14, 2015
October 14, 2015 7:10 am
Technical summary:
We continue to watch for a continuation higher towards 141.00 over coming days/weeks. In the short term, we would like to find support at 135.63 to protect the downside for a break above minor resistance at 136.60 and more importantly above resistance at 136.95 for a continuation higher towards 138.10 as the ideal target for red wave iii. After a minor sideways consolidation, more upside room towards 141.00 would be expected.
Only a breakout below 135.63 would question the upside expectations, but it will take a break below 134.62 to invalidate the bullish outlook.
Trading recommendation:
We are long EUR from 135.10 with stop placed at 135.30. If you are not long EUR yet, buy near 136.00 or upon a break above 136.60, using the same stop at 135.30.
The material has been provided by InstaForex Company – www.instaforex.com
Technical summary:
We continue to watch for a continuation higher towards 141.00 over coming days/weeks. In the short term, we would like to find support at 135.63 to protect the downside for a break above minor resistance at 136.60 and more importantly above resistance at 136.95 for a continuation higher towards 138.10 as the ideal target for red wave iii. After a minor sideways consolidation, more upside room towards 141.00 would be expected.
Only a breakout below 135.63 would question the upside expectations, but it will take a break below 134.62 to invalidate the bullish outlook.
Trading recommendation:
We are long EUR from 135.10 with stop placed at 135.30. If you are not long EUR yet, buy near 136.00 or upon a break above 136.60, using the same stop at 135.30.
The material has been provided by InstaForex Company – www.instaforex.com
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