Elliott wave analysis of EUR/JPY for September 28, 2015
September 28, 2015 6:40 am
Technical summary:
We are entering the final part of the decline from 141.06. Continue to look for a decline closer to 131.45 before a new impulsive rally takes place. In thr short term, we will be looking for a breakout below minor support at 134.75 as the first good indication that the move closer to 131.45 is developing, while a break below support at 134.10 will confirm the decline.
Only an unexpected breakout above resistance at 136.03 will confirm that the bottom is already in place for renewed upside pressure.
Trading recommendation:
Our stop at 134.95 was hit, but we will sell EUR again upon a break below 134.75 with stop placed at 135.50 and take profit at 131.65.
The material has been provided by InstaForex Company – www.instaforex.com
Technical summary:
We are entering the final part of the decline from 141.06. Continue to look for a decline closer to 131.45 before a new impulsive rally takes place. In thr short term, we will be looking for a breakout below minor support at 134.75 as the first good indication that the move closer to 131.45 is developing, while a break below support at 134.10 will confirm the decline.
Only an unexpected breakout above resistance at 136.03 will confirm that the bottom is already in place for renewed upside pressure.
Trading recommendation:
Our stop at 134.95 was hit, but we will sell EUR again upon a break below 134.75 with stop placed at 135.50 and take profit at 131.65.
The material has been provided by InstaForex Company – www.instaforex.com
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