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    Elliott wave analysis of EUR/JPY for May 28 - 2015

     

    2015-05-28-EURJPY-4H.png

     

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    Technical summary:

    A break above the minor resistance line from the wave (i) high at 136.96 has been broken. The top of wave b at 135.35 has been broken too, indicating that the next impulsive rally higher in wave (iii) towards at least 144.03 is developing.

    In the short-term, we will look for minor support at 134.72 to protect the downside for a break above 135.49 on the way higher to 136.96 and above towards 144.03. A break above the base channel resistance line near 139.00 will call for acceleration higher as wave (iii) is likely to extend beyond a target at 144.03.

    Trading recommendation:

    We are long EUR from 134.20 and will place our stop at 133.60. If you are not long EUR yet, buy near 135.00 or upon a break above 135.49 with the same stop at 133.60.

     
     
    Uitgevoerd door, Analytische expert
    InstaForex Group © 2007-2015
     

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