For Traders

Analytical Reviews

Wave analysis

17.04.201505:54 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for April 17 - 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 certain that a firm bottom has been found at 126.02. The big question right now is which path the first minor wave has taken. Have we seen a series of waves one and two or has a leading diagonal developed? If prices are accelerating higher from here, a series of waves one and two is the correct answer, while a correction to 126.73 or slightly below will favor the leading diagonal. For now, we will wait for patiently and let the market show its real hand.

Trading recommendation:

We are long EUR from 126.96 and will move our stop higher to 127.45. If our stop is hit, we will re-buy EUR at 126.80 with a stop at 126.00

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.