For Traders

Analytical Reviews

Wave analysis

23.04.201806:29 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for April 23, 2018

Long-term review

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 failed to rally into the 133.54 – 133.68 area and is already testing short-term important support at 132.08. If this support is broken, then we can say wave B has completed and wave C of (E) lower to at least 124.94 should be expected.

As long as support at 132.08 is able to protect the downside we could see a final spike higher, but time is clearly running out for this outcome.

R3: 132.98

R2: 132.64

R1: 132.45

Pivot: 132.06

S1: 131.75

S2: 131.35

S3: 130.83

Trading recommendation:

We will sell a break below 132.08.

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.