For Traders

Analytical Reviews

Wave analysis

19.10.201807:21 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for October 19, 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 continued lower and is now hovering just above important support at 127.86. This support can not be broken, if our bullish count is to remain valid.

As important support at 127.86 remains untouched we stays cautiously bullish, but we need a break above resistance at 129.73 and more importantly above resistance at at 130.29 to confirm that a new impulsive rally is developing.

If important support at 127.86 is broken, we will have to review our bullish count from 124.59 as a break below this support, will indicate that wave E still is developing and has the potential to decline all the way towards 120.29.

R3: 130.29

R2: 129.73

R1: 129.45

Pivot: 129.12

S1: 128.91

S2: 128.54

S3: 128.32

Trading recommendation:

Our stop at 129.00 has been hit. We will only buy a break above 130.29

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.