For Traders

Analytical Reviews

Wave analysis

21.11.201808:52 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for November 21, 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.

We continue to look for more downside towards 123.66 to complete wave (E) of the huge triangle consolidation, that has been ongoing since July 2008.

A break below minor support at 127.85 will confirm renewed downside pressure towards 126.62 and 124.89 on the way lower to the ideal target at 123.66 where a long-term bottom is expected for the next impulsive rally.

R3: 130.13

R2: 129.40

R1: 129.06

Pivot: 128.90

S1: 128.40

S2: 128.00

S3: 127.74

Trading recommendation:

We are short EUR from 128.75 with our stop placed at 129.75. Upon a break below 127.74 we will lower our stop to 129.10.

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.