For Traders

Analytical Reviews

Wave analysis

19.09.201906:04 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for September 19, 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.

The resistance-line near 120.00 held again and turned EUR/JPY lower as expected. The decline from near 120.00 has been larger than expected and does increase the possibility, that red wave ii still is in motion. If, this is the case, then a decline to 118.48 should be expected before red wave iii takes over and a rally to at least 121.97 takes off.

Only a direct break above minor resistance at 119.40 will tell us, that red wave iii is unfolding and the expected impulsive rally higher already is well under way.

R3: 120.30

R2: 120.00

R1: 119.80

Pivot: 119.40

S1: 119.00

S2: 118.68

S3: 118.48

Trading recommendation:

We are long EUR from 118.25 with our stop placed at 117.50

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.