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15.01.2016 06:30 AM
Elliott wave analysis of EUR/JPY for January 15, 2016

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Wave summary:

The triangle consolidation we have been looking for continues to unfold just as we expected. Still more small squiggles are needed inside the triangle to finish wave d and e before a downside thrust will be seen.

It will take an unexpected break above 129.08 to invalidate the triangle scenario, but even if a break above 129.08 occurs, we expect the potential towards the upside to be limited to 129.48.

Trading recommendation:

We are short EUR from 130.95 with stop placed at 129.15. If you are not short EUR yet, then sell near 128.61 and use the same stop at 129.15.

Torben Melsted,
Analytical expert of InstaForex
© 2007-2024
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