empty
 
 
05.05.2016 06:49 AM
Elliott wave analysis of EUR/JPY for May 5 - 2016

This image is no longer relevant

Wave summary:

The big question remains whether or not an important bottom is in place at the 121.66 low. The rally of the 121.66 level is in no way impressive, which raises the odds of one more decline below 121.66 for a move closer to 117.99.

That said, it will not take much to secure the 121.66 low and indicate that the bottom is in place. It will only take a break above minor resistance at 123.53 to indicate that this is the case and a new impulsive rally to above 126.47 is developing.

Trading recommendation:

We are long in EUR from 122.95 with stop placed at 122.20. If you are not long in EUR yet, then buy a break above 123.53 and use the same stop at 122.20 expecting to move it higher soon.

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