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Elliott wave analysis of EUR/JPY for December 16, 2016

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Wave summary:

We continue to look for more downside pressure towards 120.10 to complete wave (iv) and set the stage for a new impulsive rally in wave (v) towards 126.59.

Short term, we are looking for a break below minor support at 122.96 and more importantly below support at 122.53 to confirm the expected decline in wave c of (iv) towards 120.10.

Only an unexpected break above the 124.09 high will call for a direct rally higher to 126.59.

Trading recommendation:

We sold EUR at 123.50 with stop placed at 124.15. Take profit is placed at 120.25.

The material has been provided by InstaForex Company – www.instaforex.com

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Elliott wave analysis of EUR/JPY for December 16, 2016 Reviewed by on . Wave summary:We continue to look for more downside pressure towards 120.10 to complete wave (iv) and set the stage for a new impulsive rally in wave (v) towards Wave summary:We continue to look for more downside pressure towards 120.10 to complete wave (iv) and set the stage for a new impulsive rally in wave (v) towards Rating:
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