InstaForex - Analytics


    739.75 6.25/10
    62% of positive reviews

    Elliott wave analysis of EUR/JPY for August 5, 2015


    Show full picture

    Technical summary:

    We saw a break below important support at 135.49, which has changed the short-term count. The consolidation, which has been taking place since late July, is best described as a small triangle. This tells us that a b-wave and a c-wave can be still moving lower to 130.04. A break below the low of red wave d at 134.28 will confirm this outlook.

    The short-term resistance will be found at 135.49 and at 136.17 again, which needs to protect the upside.

    Trading recommendation:

    Our stop at 135.40 was hit for a nice profit. We will sell EUR at 135.40 or upon a break below 135.00 with stop placed at 136.20 and take profit sets at 130.25

    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