Elliott wave analysis of EUR/JPY for October 20, 2015
October 20, 2015 7:20 am
Wave summary:
We are getting nowhere at the moment. We are still firmly locked inside the triangle pattern, looking for clues about when a thrust of the triangle should be imminent. The first clue would be a break below minor support of 134.36 with a call for a test of important support at 133.11. It will confirm an expected downside thrust and decline below 126.05 in the longer term.
That said, we will have consider a possible upside breakout, which will be confirmed by a break above 137.44.
Trading recommendation:
We continue to look for a selling opportunity at 135.95 or upon a break below minor support at 134.91.
The material has been provided by InstaForex Company – www.instaforex.com
Wave summary:
We are getting nowhere at the moment. We are still firmly locked inside the triangle pattern, looking for clues about when a thrust of the triangle should be imminent. The first clue would be a break below minor support of 134.36 with a call for a test of important support at 133.11. It will confirm an expected downside thrust and decline below 126.05 in the longer term.
That said, we will have consider a possible upside breakout, which will be confirmed by a break above 137.44.
Trading recommendation:
We continue to look for a selling opportunity at 135.95 or upon a break below minor support at 134.91.
The material has been provided by InstaForex Company – www.instaforex.com
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