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04.10.201607:08 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for October 4, 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.

Exchange Rates 04.10.2016 analysis

Wave summary:

The correction in wave ii is extending closer to the 61.8% corrective target at 114.54 and might even spike this resistance slightly, but wave ii should be close to completion for the next impulsive decline towards the ideal target near 104.15 to complete the long-term corrective decline from 149.56.

Short term, a break below minor support at 113.59 will indicate that wave ii is complete and wave iii lower to 108.03 has taken over on the way to 104.15.

Trading recommendation:

We are short EUR from 112.85 with stop placed at 115.45. If you are not short EUR yet, then sell near 114.90 or upon a break below 113.59 and use the same stop at 115.45.

Torben Melsted
Analytical expert of InstaForex
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