InstaForex - Analytics

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    Elliott wave analysis of EUR/JPY for June 3 - 2015

     

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    Technical summary:

    The rally has been much stronger than we expected and we have changed our short-term count as the structure did not support our previous short-term forecast. This new count is more bullish and indicates that red wave iii is already developing. If this count is correct, the base-channel resistance line near 139.55 should be broken to the upside soon. We expect acceleration towards the first target at 144.03.

    A large inverse S/H/S bottom has been triggered. It calls for a continuation higher towards 144.03.

    Short-term support is found at 137.80 now.

    Trading recommendation:

    With this new much more bullish short-term count, we will buy EUR at 136.75 with a stop at 135.00.


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