For Traders

Analytical Reviews

Wave analysis

08.10.201906:53 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for October 8 - 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 is showing the first serious signs of a bottom being in place at 117.02. We have now seen a break above minor resistance at 117.63 and we will be looking for a clear break above resistance at 118.47 to confirm that wave ii has completed and a new impulsive rally in wave iii is developing. The minimum target for wave iii is seen at 121.93 but it is likely that wave iii extend beyond 121.93 for a move closer to 125.34 before the next larger correction should be expected.

For now, look for a test of short-term important resistance at 118.47 soon.

R3: 118.47

R2: 118.18

R1: 118.02

Pivot: 117.90

S1: 117.66

S2: 117.41

S3: 117.22

Trading recommendation:

We are long EUR from 117.20 and we will move our stop higher to 116.95

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.