empty
 
 
07.09.2015 10:01 AM
Technical analysis of EUR/JPY for September 7, 2015

General overview for 07/09/2015 09:50 CET

The Elliott wave count has been updated and currently the top for the wave B black had been established at the level of 138.91 as anticipated earlier. The downward wave progression turned out to be more impulsive in nature and unfolded so far in almost five waves. The main count indicates a possibility of one more low to be reached in order to complete the immediate wave (v) green. An alternative count indicates that the downward impulsive wave progression might be completed in five black waves and now the market is in its corrective cycle. Any violation of the level of 134.68 invalidates the alternative count.

Support/Resistnace:

132.22 - Local Low

133.50 - Weekly Pivot

133.70 - Intraday Resistance

134.68 - Green Impulsive Count Invalidation Level

134.80 - WR1

Trading recommendations:

Daytraders consider opening sell orders from the level of 133.69 with SL just above this level (10-15 pips) and TP at the level of 132.22 with a possible downwards extension.

This image is no longer relevant

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 $5000 more!
    In November we raffle $5000 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