For Traders

Analytical Reviews

Wave analysis

19.05.202007:01 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for May 19, 2020

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.

After a perfect 61.8% correction in wave ii/ EUR/JPY rallied through the ending diagonal resistance-line without any problems at all. With the break above the ending diagonal resistance-line, we now have confirmation that an important low has been seen at 114.40 and a return to the starting point of the ending diagonal at 122.86 should be expected within the coming months.

The strong rally out of support at 115.91 could indicate a minor consolidation towards 116.76 before the next strong rally higher to 118.61 on the way higher to 122.86 as the first upside target.

R3: 117.76

R2: 117.42

R1: 117.23

Pivot: 116.99

S1: 116.75

S2: 116.54

S3: 116.33

Trading recommendation:

We bought EUR at 115.65 and we will move our stop to 115.20

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.