Elliott wave analysis of EUR/JPY for October 9, 2015
October 9, 2015 7:50 am
Technical summary:
We are going nowhere at the moment. Red wave ii is still unfolding, but should be coming to an end soon and should lead to a break above minor resistance at 135.71 for the next impulsive rally towards 138.08 in red wave iii. Wave iii is likely to extend even more greatly.
The short-term support is seen at just below 134.40 and will ideally protect the downside for a break above minor resistance at 135.71. It will take an unexpected breakout below support at 133.44 to invalidate the bullish outlook.
Trading recommendation:
We are long EUR from 135.10 with stop placed at 133.45. If you are not long EUR yet, then buy near 134.40 with stop placed at 133.45
The material has been provided by InstaForex Company – www.instaforex.com
Technical summary:
We are going nowhere at the moment. Red wave ii is still unfolding, but should be coming to an end soon and should lead to a break above minor resistance at 135.71 for the next impulsive rally towards 138.08 in red wave iii. Wave iii is likely to extend even more greatly.
The short-term support is seen at just below 134.40 and will ideally protect the downside for a break above minor resistance at 135.71. It will take an unexpected breakout below support at 133.44 to invalidate the bullish outlook.
Trading recommendation:
We are long EUR from 135.10 with stop placed at 133.45. If you are not long EUR yet, then buy near 134.40 with stop placed at 133.45
The material has been provided by InstaForex Company – www.instaforex.com
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