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14.07.202007:10 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for July 14, 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.

Exchange Rates 14.07.2020 analysis

EUR/JPY is again testing short-term resistance at 121.96 which is expected to cap the upside for a break below 121.09 indicating renewed downside pressure towards 119.26 and 118.23 and maybe even closer to 117.00.

A break above 121.96 will change the preferred outlook back to the former bullish count. Therefore, the pair may return to the peak at 124.32 and higher.

R3: 122.80

R2: 122.53

R1: 122.18

Pivot: 121.96

S1: 121.39

S2: 121.09

S3: 120.63

Trading recommendation:

We sold EUR at 121.35 and we have placed our stop at 122.00

Torben Melsted
Analytical expert of InstaForex
© 2007-2024

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