Elliott Wave Analysis of EUR/JPY for April 18 - 2016
Wave summary:
On Friday, we saw a failure to break clearly below 122.54 indicating that a fifth wave failure has been seen for red wave [v] and red wave [iii]. However, we expected resistance at 123.66 would protect the upside for another run towards the downside and a break below 122.54. We saw a corrective high at 123.57 for red wave iv and today, we have seen a clear break below the 122.54 low. With the first support at 121.75 already broken, we should expect more downside towards the next support at 120.44.
Trading recommendation:
We are short in EUR from 123.76 and will move our stop lower to 122.90 and will place our take profit at 120.50.
The material has been provided by InstaForex Company - www.instaforex.com
