empty
 
 
06.05.2016 07:07 AM
Elliott wave analysis of EUR/JPY for May 6 - 2016

This image is no longer relevant

Wave summary:

This cross is doing nothing at the moment.

Is a bottom building? Or is it just at consolidation before more downside pressure is seen? The failure to rally will normally have us call for more downside towards 117.99, but then the long term erratic decline from 141.06 could have bottomed. However, to indicate this is the case, a break above minor resistance at 123.53 will be needed. So for now, we will just have to be patient and let the Market show us its mind.

Trading recommendation:

Our stop at 122.20 was hit for a small loss. We will only buy upon a break above 123.53. We have no interest in being short as the risk of a bottom is too big.

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