InstaForex - Analytics

    InstaForex

    694.50 6.50/10
    61% of positive reviews
    Real

    Elliott wave analysis of EUR/JPY for January 29, 2016 2016-02-01

    2016-01-29-EURJPY-W.png

    Show full picture

    Wave summary:

    Bank of Japan has adopted negative interest rates this morning and that could be a game-changing decision. Therefore, we are going to watch the weekly chart today to get the right perspective. Our preferred count since late December 2013 shows that the pair will remain flat. A breakout above resistance at 132.44 will indicate that this expanded flat ended at 126.05 in mid-April last year. All price actions are part of a new impulsive structure since then.

    A breakout above 132.44 will call for a rally towards 134.59 before a correction occurs. However, in the longer term we will be looking for much higher levels.

    Trading recommendation:

    Our stop at 130.25 has been hit and we should assess the situation before opening a new position.


    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