For Traders

Analytical Reviews

Wave analysis

29.03.201517:29 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for March 30 - 2015

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Technical summary:

We are still looking for a break below support at 128.33 to confirm that a final decline closer to our long-term target at 125.98 is likely to be seen. At this point, only a break above 131.74 indicates that a bottom has already been found and a new impulsive rally is developing.

In the short term, a break below minor support at 129.30 is going to call for a test of the important short-term support at 128.33 and confirms a new decline towards our long-standing target at 125.98 before the bottom gets in place.

Trading recommendation:

We are short EUR from 129.85 and will keep our stop at 130.40. If you are not short already, then sell a break below support at 129.30 with the same stop at 130.40.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.