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Analytical Reviews

Wave analysis

12.05.201605:51 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for May 12 - 2016

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Exchange Rates 12.05.2016 analysis

Wave summary:

The correction in red wave [iv] turned into a triangle consolidation and should ultimately thrust higher towards 124.73 and maybe even slightly higher to 125.09 before terminating wave i and setting the stage for a correction back towards the 123.58 - 124.00 area.

In short term, the triangle still needs a few more squiggles to finish. Once red wave [e] is done, a break above minor resistance at 124.29 will confirm that red wave [v] is developing.

Trading recommendations:

We are long from 122.55 and will move our stop higher to 123.55 and place stop profit at 124.65

Torben Melsted
Analytical expert of InstaForex
© 2007-2025

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