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21.06.201906:38 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for June 21 - 2019

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.

Exchange Rates 21.06.2019 analysis

EUR/JPY rallied to a high of 121.92 before turning lower again. As long as this new resistance is able to cap the upside, we should expect a final dip to 119.65 to complete wave ii and set the stage for a new impulsive rally in wave iii.

Moreover, we are seeing weakening downside momentum indicating a bottom could be found soon for a turn higher in wave iii. A break above 121.92 and more importantly a break above 123.18 will confirm wave iii developing for an ultimate break above the 127.50 peak.

R3: 122.13

R2: 121.97

R1: 121.65

Pivot: 121.34

S1: 121.04

S2: 120.75

S3: 120.50

Trading recommendation:

We will buy EUR at 119.75 or upon a break above 121.97

Torben Melsted
Analytical expert of InstaForex
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