InstaForex - Analytics

InstaForex

696.00 6.50/10
61% of positive reviews
Real

Elliott wave analysis of EUR/JPY for September 3, 2015

2015-09-03-EURJPY-4H.png

Show full picture

Technical summary:

We can see a new sideways consolidation which is taking place in the chart. This consolidation does look like the former consolidation, which resulted in a downswing. It does not mean that this consolidation has to result in a new swing down. A break below support at 134.63 will call for a move closer to the important support at 133.27, which has to protect the downside,or we will be faced with an entire new scenario. On the other hand, a break above minor resistance at 136.24 will ease the downside pressure and call for a movement back to 139.02 and likely higher to 141.06.

Trading recommendation:

We will only buy a break above 136.24



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