Elliott Wave Analysis of EUR/JPY for April 7 - 2016

Elliott Wave Analysis of EUR/JPY for April 7 - 2016

7 April 2016, 10:14
Roberto Jacobs
0
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Elliott Wave Analysis of EUR/JPY for April 7 - 2016


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Wave summary:

We have now seen the expected break below the important support at 124.64 confirming a continuation lower to 122.06 and 117.38 to end the corrective decline from 141.04.

Short-term resistance is now seen at 125.30, which ideally will protect the upside for the expected continuation lower to 123.04 and 122.06 on the way towards the ideal corrective target at 117.38.

Trading recommendation:

We are short in EUR from 127.35 and will move our stop lower to 125.35. If you are not short yet, then sell near 124.95 and use the same stop at 125.35.


The material has been provided by InstaForex Company - www.instaforex.com




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