For Traders

Analytical Reviews

Wave analysis

18.12.201807:43 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for December 18, 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 declined nicely and is currently testing the B-wave triangle support-line near 127.70. We expect this support will be broken for a continuation lower to the long-term target near 123.61, which should complete the 10 year long triangle consolidation.

In the short term a clear break below the triangle support at 127.70 confirms wave C lower is evolving. The first minor target to aim for is seen at 126.61 and then 125.19 on the way lower to the long-term ideal target at 123.61.

R3: 128.91

R2: 128.56

R1: 127.96

Pivot: 127.70

S1: 127.22

S2: 126.61

S3: 126.08

Trading recommendation:

We are short on EUR from 128.05 and we will lower our stop to 128.65.

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.