23.11.201809:01 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for November 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.

Another range-trading day. Likely due to the US Thanksgiving holiday and today only being half a work day. So we do not expect much action to be seen before the start of next week.

We continue to favor the bearish outcome and a break below support at 127.94 for a decline towards 123.66 to complete wave (E) and a long-term low being in place for the next impulsive rally.

Resistance is now seen at 129.05 and more importantly at 129.23. Only a break above the later, will invalidate our bearish view and call for a rally towards 130.13 on the way higher to 133.00.

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+revers placed at 129.50.

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.