18.07.201210:11 Forex Analysis & Reviews: EUR/JPY - Elliott Wave Analysis for July 18, 2012

Long-term review

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.

Today's Support and Resistance Levels:

Support Resistance

1: 96.37 1: 97.37

2: 96.11 2: 97.96

3: 95.57 3: 98.13

Technical Overview:

The correction from 96.40 (black wave iv) is still ongoing and should ideally reach 97.69 before the final decline in black wave v takes over. Even though we ideally should see black wave iv reach 97.96 it is no necessity. This correction should be both shallow and complex in its structure, which we already have seen.

Short-term, a break below 96.37 will indicate that black wave iv is over and black wave v is under way towards the ideal downside target near 94.58. However as long as support at 96.37 protects the downside we should expect a continuation towards 97.96 before black wave iv is over.

Trading Recommendation:

Sell EUR against JPY at 97.90 or upon a break below 96.37 (Sell at 96.25) with a 98.75 stop. Take profit at 94.75

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.