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20.08.201505:25 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for August 20 - 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.

Exchange Rates 20.08.2015 analysis

Technical summary:

We have seen a break above the minor resistance-line indicating that red wave iv did indeed end at 137.03 and a rally towards 139.41 now should be seen. Short-term support at 137.44 is expected to protect the downside for a break above resistance at 138.40 confirming that red wave v towards 139.41 is unfolding.

Only an unexpected break below 137.03 will invalidate the bullish outlook.

Trading recommendation:

We are long EUR from 137.45 and will our stop higher to 137.00. If you are not long EUR yet, then buy close to 137.50 an use the same stop at 137.00.

Torben Melsted
Analytical expert of InstaForex
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