Elliott wave analysis of EUR/JPY for October 29, 2015
October 29, 2015 7:30 am
Wave summary:
If we see a weekly close below 132.17, we can expect a breakout below the support-line at 94.12 and a return to 126.05 and lower to 119.90. Looking at the shorter time frame, a decline to 130.90 is in the cards to end red wave 1 and set the stage for a more substantial correction back to the area of 133.55 – 133.92 in red wave 2. That said we should be aware of the risk of an accelerating decline to 126.05 and lower.
Trading recommendation:
We took profit on our short position at 133.55. We will look for a new shorting opportunity in the coming sessions.
The material has been provided by InstaForex Company – www.instaforex.com
Wave summary:
If we see a weekly close below 132.17, we can expect a breakout below the support-line at 94.12 and a return to 126.05 and lower to 119.90. Looking at the shorter time frame, a decline to 130.90 is in the cards to end red wave 1 and set the stage for a more substantial correction back to the area of 133.55 – 133.92 in red wave 2. That said we should be aware of the risk of an accelerating decline to 126.05 and lower.
Trading recommendation:
We took profit on our short position at 133.55. We will look for a new shorting opportunity in the coming sessions.
The material has been provided by InstaForex Company – www.instaforex.com
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