For Traders

Analytical Reviews

Wave analysis

08.07.201606:58 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for July 8, 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:

No change in view here.

We remain focused towards the downside for a test of the 108.17 target. A break below minor support at 110.80 will confirm more downside pressure towards 109.80 on the way towards 108.17.

Resistance is now seen at 111.86, which ideal will be able to protect the upside, but only a break above 112.61 will delay the expected downside pressure

Trading recommendation:

Stay short and move your stop slightly lower to 112.65 and keep take profit at 108.25. If you are not short yet, then sell near 111.43 and use the same stop at 112.65.

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.