empty
 
 
23.10.2015 05:45 AM
Elliott wave analysis of EUR/JPY for October 23, 2015

This image is no longer relevant

Wave summary:

A decline from 136.39 is clearly impulsive and has all the earmarks of a third wave decline. It is almost vertical and very strong, which is exactly what we would be looking for in wave 3.

An ideal target for wave iii is seen at 132.98 where wave iii will be 161.8% of wave i, but wave iii could extend even more. Then, the next downside target would be found at the 200% extension target at 132.17.

Resistance is now seen at the former Triangle support line near 134.30 and again at 134.59.

Trading recommendation:

We are short EUR from 135.95 and will move our stop lower to 134.85 locking in a nice profit. If you are not short EUR yet, sell near 134.59 if seen or upon a break below minor support at 133.94 and use the same stop at 134.85.

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