For Traders

Analytical Reviews

Wave analysis

02.06.201608:08 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for June 2 - 2016

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.

Wave summary:

Our view remain bullish as long as the low at 121.46 stays untouched. To indicate that a corrective low has been seen at 121.85, a break above minor resistance at 122.83 will be needed, while a break above resistance at 123.32 confirms the low and that a new impulsive rally is developing for a rally towards 124.19 on the way higher to important resistance at 126.47 and above.

Only an unexpected break below 121.46 will invalidate our bullish outlook and call for further decline towards the 118.75 - 119.15 area.

Trading recommendation:

We are long in EUR from 122.37 with stop placed at 121.45. If you are not long in EUR yet, then buy a break above 122.83 and use the same stop at 121.45.

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.