For Traders

Analytical Reviews

Wave analysis

09.09.201608:48 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for September 9 - 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:

EUR/JPY found a floor at 113.80, so the important support at 113.11 remains safe for now. A quick break above minor resistance at 115.68 and more importantly a break above resistance at 116.37 is needed to confirm the impulsive count. A failure to break above minor resistance at 115.68 will keep several possibilities open. One is that blue wave (ii) need one more decline to just below 113.80, but not below 113.11 and then a new impulsive rally higher.

That said, a break below 113.11 will shift the count towards the triangle consolidation and one more decline to below 109.49.

As this is still very much an open game, we will have to stay flexible.

Trading recommendation:

We will keep our buy-order at 113.50, but will place a stop+revers at 113.05. We will also place a buy order at 116.40 (one order done cancels the other).

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.