empty
 
 
31.03.2015 05:54 AM
Elliott wave analysis of EUR/JPY for March 31 - 2015

This image is no longer relevant

Technical summary:

As long as minor resistance at 131.51 protects the upside, we will be looking for more downside pressure. A break below support at 128.99 and more importantly a break below support at 128.33 will call for one final decline closer to 125.98 before the impulsive decline from 149.55 finally is over and a new impulsive rally can be expected. Only an unexpected break above 131.51 will indicate that wave C of the expanded flat correction, which we have been tracking since late December 2013 terminated at 126.87 and a new impulsive rally is already developing.

Trading recommendation:

We are short EUR from 129.85 with stop placed at 130.40. If you are not short EUR yet, then sell upon a break below 129.67 with the same stop.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $9000 more!
    In May we raffle $9000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback