For Traders

Analytical Reviews

Wave analysis

11.03.202208:35 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for March 11, 2022

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 correction from the June 2021 peak at 134.12 has tuned into a much more complex correction than first anticipated and the decline to 124.39 has also had significant consequences as we see an overlap between the September 2020 high and the most recent low in early March. This overlap means that the first high can't be part of the same impulsive move, but has to be to separate moves. The high in September 2020 was part of wave 1/, while the decline to 124.39 wave a correction of wave 1/ and therefore wave 2/ of a larger impulsive rally that's building in wave 3.

That said, moving back to the near term, we have likely just seen the completion of wave 2/ just below the 61.8% corrective target of wave 1/ and wave 3/ should now be unfolding towards 148.37 where wave 3/ will be an 161.8% extension of wave 1/.

A break above 128.88 will confirm the completion of wave 2/ and the on-set of wave 3/

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.