InstaForex - Analytics

    InstaForex

    739.75 6.25/10
    62% of positive reviews
    Real

    Elliott wave analysis of EUR/JPY for April 6 - 2016 2016-04-06

    analytics5704878c1e86e.png

    Show full picture

    Wave summary:

    The decline from 128.22 does have all the earmarks of being an impulsive decline. We are currently looking for a minor consolidation before the next decline below support at 125.22 and, more importantly, a break below support at 124.64 confirming a new test of the 122.06 low on the way towards the ideal downside target at 117.38.

    Trading recommendation:

    We are short in EUR from 127.35 and will move our stop lower to 126.50. As we missed our take profit at 125.05, we have removed it. If you are not short yet, then sell near 125.88 or upon a break below 125.22 and use the same stop at 126.50.


    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