For Traders

Analytical Reviews

Technical analysis

21.02.202004:15 Forex Analysis & Reviews: EUR/JPY may form bearish wolfe waves pattern

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.

EUR/JPY has already broken out and closed above the daily bearish level at 119.98. It is trying to form a market maker buy model pattern. However, the pair is unlikely to grow and it is showing its weakness by forming a bearish wolfe waves pattern. Unless this pair breaks out and closes above the 122.84, it will decrease to the EPA line (from point 1 to 4) as its prime target.

The overall bias for EUR/JPY is bearish.

(Disclaimer)

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.