For Traders

Analytical Reviews

Wave analysis

22.07.201906:39 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for July 22 - 2019

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 re-tested the 120.76 low. This low is slightly above our ideal target 120.62. This could be enough to fulfill our target and set the stage for a new impulsive rally in wave III. To confirm that wave II has completed and wave III is developing. we need a break above minor resistance at 121.53 and more importantly we need to see a break above resistance at 122.32 that will confirm a new impulsive rally to 123.06 peak.

R3: 122.32

R2: 121.84

R1: 121.53

Pivot: 121.15

S1: 120.76

S2: 120.62

S3: 120.30

Trading recommendation:

We are long EUR from 120.85.

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.