24.07.201906:45 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for July 24 - 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.

EUR/JPY has now touched the ideal target at 120.62 (the low has been seen at 120.51). This means our target has been more than fulfilled and wave II could terminate anytime now as a new impulsive rally in wave III could take over.

The first strong indication that wave II has completed and wave III is developing will be a break above 121.28. A break above here will call for a continuation towards 122.30 and 123.36 as the next hurdles.

That said, we need to accept the possibility of a little more downside as long as resistance at 121.28 is able to cap the upside, but the potential downside should be very limited.

R3: 121.84

R2: 121.53

R1: 121.28

Pivot: 120.76

S1: 120.51

S2: 120.32

S3: 120.00

Trading recommendation:

We are long EUR from 120.85

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.