02.05.201806:42 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for May 2, 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 followed the expected path lower and has now tested the 131.47 target. This likely complete wave i of C. We now expect a corrective rally closer to the peak of sub-wave iv/ at 132.55 in wave ii, before turning lower again in wave iii towards at least 129.94.

Only a direct break below support at 131.47 will extend the decline in wave i closer to 130.92.

R3: 133.01

R2: 132.54

R1: 132.18

Pivot: 131.54

S1: 13131.35

S2: 130.92

S3: 130.51

Trading recommendation:

We took half profit at 131.55 for a nice profit of 130 pips. We will close the rest of our position here at 131.75 and book 110 pips. A new EUR-sell order will be placed at 132.40.

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.