HomeTrade IdeasElliott Wave DailyTrade Idea: EUR/JPY - Buy at 132.70

Trade Idea: EUR/JPY – Buy at 132.70

EUR/JPY – 133.10

Original strategy:

Buy at 132.70, Target: 134.30, Stop: 132.20

Position: –
Target: –
Stop: –

New strategy :

Buy at 132.70, Target: 134.30, Stop: 132.20

Position: –
Target:  –

As the single currency has retreated after rising to 133.89, suggesting consolidation below this level would be seen and pullback to 133.00 is likely, however, reckon 132.60-70 would limit downside and bring another rise later, above said resistance would extend the rebound from 132.26 to 134.00-05, break there would add credence to our view that the pullback from 134.38 has ended at 132.26 and extend gain to said resistance. Looking ahead, only a break of recent high at 134.50 would retain bullishness and signal a resumption of early upturned has occurred, bring headway to 135.00-10 first.

In view of this, we are looking to buy euro again on dips. as 132.60-70 should limit downside. Only break of said support at 132.26 would abort and shift risk back to the downside for the fall from 134.38 towards 131.90-00, then test of support at 131.72 which is likely to hold on first testing.

Our latest preferred count is that wave (ii) is ABC-X-ABC which ended at 123.33 and wave (iii) is unfolding with wave iii ended at 100.77, followed by wave iv at 111.57 and wave v as well as the wave (iii) has ended at 97.04, followed by wave (iv) at 111.43 and wave (v) has ended at 94.12 which is also the end of the larger degree v, this also implied the major wave (C) has also ended there, hence major correction has commenced from there with (A) leg unfolding in its lower degree wave c which has possibly ended at 145.69. Under this count, A-B-C wave (B) has commenced with A leg ended at 136.23, wave B at 143.79 and wave C has possibly ended at 149.79.


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