InstaForex - Analytics

    InstaForex

    734.75 6.25/10
    62% of positive reviews
    Real

    Elliott wave analysis of EUR/JPY for April 23 - 2015

    2015-04-23-EURJPY-4H.png

    Show full picture

    Technical summary:

    With a break above 128.80, the odds favor that red wave ii did end at the 50% corrective target at 127.42 and that new impulsive rally in red wave iii is developing higher towards 131.90. If we look at the long-term picture, the very complex correction that has been developing from a high of 145.69 in late December 2013 is most likely to end at 126.02, just 4 pips above the ideal target at 125.98, which marked the 38.2% correction of a rally from 94.10 to 145.69 and a new impulsive rally is expected to unfold soon. A rally that will take us away from a high of 149.55.

    Trading recommendation:

    We are long EUR from 128.85 and we will place stop at 127.35. If you are not long EUR already, then buy EUR near 128.00 or upon a break above 128.97 with the same stop at 127.35.

    Uitgevoerd door, Analytische expert
    InstaForex Group © 2007-2015

    To leave a comment you must or Join us


    By visiting our website and services, you agree to the conditions of use of cookies. Learn more
    I agree