empty
 
 
09.11.2016 09:17 AM
Elliott wave analysis of EUR/JPY for November 9, 2016

This image is no longer relevant

Wave summary:

Red wave [ii] did turn into the expanded flat correction we warned about yesterday. With red wave [ii] complete at 113.70, we should expect a strong impulsive rally in red wave [iii], that is expected to extend higher to at least 118.71 with 122.00 as the next major upside target.

Short-term, we expect minor support at 114.07 will be able to protect the downside for the next rally above 115.40 and more importantly above 116.02 confirming the rally higher to 118.71.

Trading recommendation:

Our stop at 113.90 was hit. We will re-buy EUR upon a break above 115.04 and place stop below 113.65.

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 $1000 more!
    In April we raffle $1000 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