07.09.201506:00 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for September 7 - 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:

A breakout below important support at 133.27 invalidated the bullish outlook and shifted it to a bearish bias, which implise a much more complicated correction from 141.06. Potentially, the rally from a low of 126.05 could be a part of an even bigger correction from 141.06. A break below the support near 132.45 will charge the direction of an even bigger correction which is unfolding.

In the short term, we expect the former support at 133.27 to act as resistance for a new downside pressure towards 132.45 and possibly even below.

Trading recommendation:

With a high of 133.32 being reached this morning, we have to sell EUR at 133.25, our stop is places at 134.00

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.