For Traders

Analytical Reviews

Wave analysis

28.12.201807:37 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for December 28, 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.

The ongoing correction from 125.33 has spiked above the 38.2% corrective target at 126.85 to a high of 127.09. We expect this correction to be near its completion for a final dip towards at least 124.89 and, ideally, closer to the long-term downside target for the wave (E) at 123.66.

In the short term, a break below support at 126.23 and, more importantly, a break below support at 125.98 will confirm the wave v is lowering towards 124.89 and below.

R3: 127.52

R2: 127.27

R1: 127.09

Pivot: 126.65

S1: 126.23

S2: 125.98

S3: 125.75

Trading recommendation:

Our stop at 127.05 was hit for a 100-pip profit. We will sell a break below 126.23.

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.