empty
 
 
04.08.2016 07:45 AM
Elliott wave analysis of EUR/JPY for August 4, 2016

This image is no longer relevant

Wave summary:

The corrective decline from 118.40 continues to push lower, but we are now seeing a clear loss of downside momentum. At the same time, wave [ii] now has corrected 78.6% of wave [i] and the potential downside from here seems very limited. That said, a break above minor resistance at 113.51 will be needed to indicate that the correction in wave [ii] is finally complete, while a break above resistance at 115.31 will be needed to confirm that wave [iii] has taken over for the next impulsive rally above 118.40 for a continuation higher to 122.00 and beyond.

At no point can a break below 110.80 be allowed under this bullish count.

Trading recommendation:

We will buy a break above 113.51 and place stop 5 pips below the most recent low (likely 112.44).

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