InstaForex - Analytics


    740.25 6.25/10
    63% of positive reviews

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





    Show full picture






    Show full picture



    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.

    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