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Elliott wave analysis of EUR/JPY for January 28, 2016

2016-01-28-EURJPY-8H.png

Wave summary:

A corrective rally in wave [iv] we were watching for is extending beyond 129.48. Does that alter our count? Not really, we will just be looking for a push a little higher to the 50% corrective target of wave [iii] at 129.97 before renewed downside pressure is expected. To confirm that wave [iv] is over, we need a breakout below 128.72 to call for a decline to below 126.14 with an ideal downside target at 117.37.

Only an unexpected breakout above the low of wave [i] at 132.39 will invalidate this count.

Trading recommendation:

We sold EUR at 129.00 and will place our stop at 130.25. If you are not short EUR yet, then sell near 129.90 or upon a breakout below support at 128.72 and use the same stop at 130.25

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