Elliott wave analysis of EUR/JPY for October 8, 2015
October 8, 2015 8:00 am
Technical summary:
There are no changes in view here. Red wave ii is likely to take a little longer than we expected, but otherwise the outlook continues to stay bullish for a rally higher to 141.00.
Red wave ii seems to be a flat correction calling for a move closer to 134.40 before the next rally higher takes place, this time is ideal for a break above resistance at 135.71 confirming the next rally higher.
It will take an unexpected decline through support at 133.44 to invalidate the bullish outlook.
Trading recommendation:
We are long EUR from 135.10 and will keep our stop at 133.45. If you are not long EUR yet, then buy near 134.40 and use the same stop at 133.45.
The material has been provided by InstaForex Company – www.instaforex.com
Technical summary:
There are no changes in view here. Red wave ii is likely to take a little longer than we expected, but otherwise the outlook continues to stay bullish for a rally higher to 141.00.
Red wave ii seems to be a flat correction calling for a move closer to 134.40 before the next rally higher takes place, this time is ideal for a break above resistance at 135.71 confirming the next rally higher.
It will take an unexpected decline through support at 133.44 to invalidate the bullish outlook.
Trading recommendation:
We are long EUR from 135.10 and will keep our stop at 133.45. If you are not long EUR yet, then buy near 134.40 and use the same stop at 133.45.
The material has been provided by InstaForex Company – www.instaforex.com
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