Elliott Wave Analysis of EUR/JPY for April 15 - 2016

Elliott Wave Analysis of EUR/JPY for April 15 - 2016

15 April 2016, 08:42
Roberto Jacobs
0
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Elliott Wave Analysis of EUR/JPY for April 15 - 2016


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Wave summary:

With a low at 122.70, EUR/JPY failed to make a new low below 122.54 indicating either a fifth wave failure or that a more complex correction is unfolding in red wave [iv]. We will continue to look for resistance at 123.66 and, if broken just above 124.23, for the final decline towards 121.75 and maybe even slightly lower to 120.45. The long-term ideal target at 117.37 does not seem realistic anymore.

Trading recommendation:

We are short in EUR from 123.76 and will move our stop lower to break-even.

If this stop is hit then we will be looking to sell EUR again at 124.25 with stop at 125.25.


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


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