empty
 
 
08.04.2015 01:59 PM
Elliott wave analysis of EUR/JPY for April 8, 2015

This image is no longer relevant

Technical summary:

The decline in wave C of the wave 2 is well advanced and it will be a matter of time when wave 2 terminates and a new impulsive rally can be expected. The only question is whether the bottom of wave 2 already has been found at 126.87 or whether we still need one final decline closer to the ideal 38.2% corrective target at 125.98 before wave 2 terminates. It all comes down to resistance at 131.74 as long as this resistance is able to protect the upside. One final decline closer to 125.98 can not be excluded, while a break above 131.74 will confirm that a bottom was found prematurely at 126.87 and wave 3 to above 149.55 is developing.

Trading recommendation:

We will stay neutral for now and place a EUR buy-order at 126.25 or at 131.85 (a closed order cancels the other one).

Summary
Urgency
Analytic
Torben Melsted
Start trade
Gagnez sur les variations du cours des cryptomonnaies avec InstaForex.
Téléchargez MetaTrader 4 et ouvrez votre première transaction.
  • 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 $6000 more!
    In December we raffle $6000 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
  • 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