For Traders

Analytical Reviews

Wave analysis

27.03.202306:13 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for March 27, 2023

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.

Looking at the decline from 145.56 towards the ideal target at 133.43 is like looking at an avalanche moving in slow-motion. EUR/JPY is moving lower two steps and giving one up again, and the two lower again and giving one up again. We do expect that the build-up energy suddenly will trigger a quick decline and breakthrough of support at 137.47 for a quick dip to the 133.43 target.

Short term we see resistance near 142.31 and then at 143.63. The latter should be able to cap the upside for the expected decline through 137.47 and below.

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.