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08.06.201805:19 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for June 8, 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.

Exchange Rates 08.06.2018 analysis

Ideally, EUR/JPY will see the support at 129.12 and max. 128.69 for continuation higher towards 131.41 as the next upside target. The strong resistance will be seen here, but if a clear break above this resistance happens, that will confirm more upside in the longer term.

In the short term, a break above the minor resistance at 129.73 will call for continuation higher to at least 130.47 and likely even closer to 130.80 before the next minor consolidation is seen on the way higher.

R3: 130.47

R2: 130.12

R1: 129.71

Pivot: 129.35

S1: 129.12

S2: 128.96

S3: 128.69

Trading recommendation:

We are long on EUR from 129.95 and has placed our stop at 128.60. If you are not long EUR yet, then buy near 129.12 or upon a break above 129.73 and use the same stop at 128.60.

Torben Melsted
Analytical expert of InstaForex
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