Published On: Wed, Mar 15th, 2017

Correction complete in EURJPY

InstaForex

Background


USD Index

The bias is bearish while we hold within the Expanding Wedge formation. A break of 101.03 is needed to confirm.  

Source: Saxo Bank

Taken a small long in EURJPY this morning. Not a great signal but risk/reward is more than ample.

Monthly – Reversed close to the Fibonacci confluence area at 115.36-111.28. Could be seen as a reverse Head and Shoulders. Neckline at 154.00. Needs to break 126.08 (was support now resistance) to confirm 

Source: Saxo Bank

Weekly – Holding within a bullish channel formation. Bullish Outside Week posted on the February 27 and has continued to move higher. Trend line resistance at 126.80 so this area (126.08-126.80) is a formidable barrier. At this present time, a bearish Elliott Wave count is still alive. 

Source: Saxo Bank

Intraday (six-hours) – Formed an Expanding Wedge that has a bias to break to the upside. This last move lower can be seen as a fourth wave correction. The 261.8% extension is seen at 125.94, just in front of the aforementioned resistance zone.  

Source: Saxo Bank

Management and risk description

Parameters

Entry: long at 121.90

Stop: 121.60

Target: 125.90

Time horizon: medium term

— Edited by Clemens Bomsdorf

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