EURJPY: Elliott Waves Forecasting The Decline and Selling The Rally

By: Elliottwave-Forecast | Sun, Sep 13, 2015
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Another instrument which has given us nice trading opportunity is EURJPY. As we forecasted,the pair reached important technical area at 139.849-139.924 that was marked as Red Box on EWF charts (Red Box presents sell recommendation).

Now, let's take a quick look at H4 charts from 8.9.2015.

$EURJPY H4 Weekend Update 8.9.2015 The chart suggests the pair is looking for more strength in wave ((y)) of Y toward equal legs-1.236 fibonacci extension area, which comes at 139.849-139.924 (marked as Red box). View is bearish against the 141.103 high and we advise our clients to sell the pair at above mentioned area if the price reaches it.

EURJPY Elliott Wave Analysis Chart 1
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$EURJPY H4 8.12.2015 Red box area has been reached. Corrective structure is ready to complete and we are expecting to see the decline in wave (Y) soon.

EURJPY Elliott Wave Analysis Chart 2
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$EURJPY H4 Update 8.24.2015 Wave (X) recovery is done at 138.868 and we got nice separation from that high. More downside is expected toward new lows below the 133.444 low. Short positions are already risk free and we like staying short.

EURJPY Elliott Wave Analysis Chart 3
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$EURJPY H4 Update 9.8.2015 The price broke below the 133.444 low as expected. Important technical area has been reached and the pair is now doing bounce. Note: Some labels have been removed to protect clients privileges.

EURJPY Elliott Wave Analysis Chart 4
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Author: Elliottwave-Forecast

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