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16.07.201906:40 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for July 16 - 2019

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 16.07.2019 analysis

EUR/JPY continues to push lower towards the ideal target at 120.62. This should complete wave II and set the stage for the next impulsive rally higher. Short-term support is seen at 121.29 and a break below here will add downside pressure towards the ideal target at 120.62.

Short-term minor resistance is seen at 122.32 and a break above here will be the first indication that wave II has completed and wave III is developing. Besides, a break above resistance at 123.36 will confirm that wave III is developing

R3: 122.23

R2: 121.85

R1: 121.67

Pivot: 121.48

S1: 121.29

S2: 120.92

S3: 120.62

Trading recommendation:

We are look for a EUR-buying opportunity at 120.85 or upon a break above 122.23

Torben Melsted
Analytical expert of InstaForex
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