empty
 
 
15.04.2015 05:52 AM
Elliott wave analysis of EUR/JPY for April 15 - 2015

This image is no longer relevant

Technical summary:

With a low at 126.02, we missed the ideal long-term target by just 4 small pips. Even though, we think the rally following the low looks impulsive but we would still like to see minor support at 126.96 protecting the downside for a rally to just above 127.83 to indicate the bottom being in place. Once the first minor five wave rally from the 126.02 low is in place, we need to look for a deep correction in minor wave ii, which should be used to buy EUR with a stop just below 126.02 for a strong rally in wave iii higher.

Trading recommendation:

If you are not long EUR already, then buy EUR here or wait for a correction into the 126.75 - 126.96 area and place stop at 125.95.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $9000 more!
    In May we raffle $9000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback