For Traders

Analytical Reviews

Wave analysis

26.08.201508:39 Forex Analysis & Reviews: Technical analysis of EUR/JPY for August 26, 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.

General overview for 26/08/2015 08:30 CET

After bouncing from the weekly pivot support at 136.50 the market went back into the neutral zone. The current price action is very choppy and full of whipsaws, moreover, the Elliott wave count is indicating a possible continuation of this complex and time-consuming pattern. The most important level is the intraday resistance at the level of 138.94 as only a clear breakout higher would invalidate the bearish outlook for now. One more leg down is expected with a bottom below the wave Y brown low at the level of 136.01.

Support/Resistance:

139.65 - WR1

138.94 - Intraday Resistance

138.34 - Weekly Pivot

137.78 - WS1

137.05 - Intraday Support

Trading recommendations:

Day traders should refrain from trading due to lack of a clear trading pattern.

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.