InstaForex - Analytics

    InstaForex

    694.50 6.50/10
    61% of positive reviews
    Real

    Elliott wave analysis of EUR/JPY for May 24 - 2015

     

    2015-05-22-EURJPY-4H.png

     

    Show full picture

     

    Technical summary:

    Wave b (ii) ended yesterday with the test of 135.35 and now we should see wave c of (ii) moving lower towards the target zone of 132.79 - 133.08 before a new impulsive rally above 136.96 should be considered.

    In the short term, we will see a break below support at 134.20 as a confirmation that wave b is over and wave c lower has taken over. As long as support at 134.20 protects the downside, another zig-zag combination higher to 135.80 is an option that can not be excluded. A break above minor resistance at 134.83 will raise odds for another zig-zag combination unfolding in wave b.

    Trading recommendation:

    Our stop at 134.88 was hit for a nice little profit. We will only EUR sell again if another zig-zag combination is unfolding. Otherwise, we will stay neutral.

     
     
    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