logo

FX.co ★ Elliott wave analysis of EUR/JPY for May 24, 2016

Elliott wave analysis of EUR/JPY for May 24, 2016

Elliott wave analysis of EUR/JPY for May 24, 2016

Wave summary:

We have seen the expected decline towards the ideal 122.12 target for wave [ii] from where a new strong rally higher to above 124.05 and more importantly above resistance at 124.65 should be seen confirming a strong test of important resistance at 126.47, which is the pivot point between the bearish or the bullish outlook.

Short term, one more minor decline closer to 122.12 is expected before the next impulsive rally sets in.

At no point can a break below 121.46 be allowed as that will revive the "old" 119.07 target.

Trading recommendation:

Our stop at 123.10 was hit for a small loss. We will buy EUR again at 122.15 or upon a break above 122.79 with stop placed at 121.45.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
Go to the articles list Go to this author's articles Open trading account