empty
 
 
23.11.2015 06:32 AM
Elliott wave analysis of EUR/JPY for November 23, 2015

This image is no longer relevant

Wave summary:

We continue to watch for a bottom for a rally towards 137.07. If a diagonal count is correct, then support at 130.13 should be able to protect the downside for a rally above 132.27 and more importantly a break above the resistance at 132.76 confirming the rally towards 137.07.

Should the support at 130.13 be broken the diagonal/wedge count is invalidated and downside acceleration towards 126.05 should be expected.

Trading recommendation:

We are long EUR from 131.25 with stop placed at 130.50. If you are not long EUR yet, then buy on a break above 132.27 and use the same stop, but expected to be raised quickly.

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 $1000 more!
    In April we raffle $1000 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