Elliott wave analysis of EUR/JPY for June 155, 2018 888011000 110888 The ECB’s call to end it QE at the end of 2018 struck the EUR difficult and of course, EUR/JPY got hit too. We were expecting a decrease quickly, but not of that magnitude and not listed below the 128.07 as that tells us that wave ii still is in motion. With wave ii still in movement, we can see now that it has turned into a broadenedflat correction. the strong decline, seen after the ECB statement, is wave c of ii, which means wave ii likely finished in early Asian trading with the test of 127.68. If this count is proper, then we should see a break above small resistance at 128.17 quickly and more notably a break aboveresistanceat 128.60 includingself-confidence in this count. Asstrong as the decline from 130.36 was, as strong can the healing be-Action/reaction. R3: 128.95 R2: 128.60 R1: 128.17 Pivot: 127.90 S1: 127.68 S2: 127.43 S3: 126.76 Trading recommendation: After taking a little profit for half a position and taking a loss on the other half, we bought EUR again at 129.50 and we will put our stop at 127.60 If you are not long yet, then purchase near 127.90 or upon a break above 128.17 and use the same stop at 127.60. The product has been supplied by InstaForex Business-www.instaforex.com

By | June 15, 2018

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