Elliott wave analysis of EUR/JPY for September 3, 2015
September 3, 2015 7:10 am
Technical summary:
We can see a new sideways consolidation which is taking place in the chart. This consolidation does look like the former consolidation, which resulted in a downswing. It does not mean that this consolidation has to result in a new swing down. A break below support at 134.63 will call for a move closer to the important support at 133.27, which has to protect the downside,or we will be faced with an entire new scenario. On the other hand, a break above minor resistance at 136.24 will ease the downside pressure and call for a movement back to 139.02 and likely higher to 141.06.
Trading recommendation:
We will only buy a break above 136.24
The material has been provided by InstaForex Company – www.instaforex.com
Technical summary:
We can see a new sideways consolidation which is taking place in the chart. This consolidation does look like the former consolidation, which resulted in a downswing. It does not mean that this consolidation has to result in a new swing down. A break below support at 134.63 will call for a move closer to the important support at 133.27, which has to protect the downside,or we will be faced with an entire new scenario. On the other hand, a break above minor resistance at 136.24 will ease the downside pressure and call for a movement back to 139.02 and likely higher to 141.06.
Trading recommendation:
We will only buy a break above 136.24
The material has been provided by InstaForex Company – www.instaforex.com
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