For Traders

Analytical Reviews

Wave analysis

23.06.201705:41 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for June 23, 2017

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.

Wave summary:

We are still looking for a break above 124.46 to confirm the next impulsive rally higher towards at least 127.00 and possibly even closer to 129.10 in wave iii. Short-term support is seen at 123.99 and again at 123.79. Ideally the later will be able to protect the downside for the expected break above 124.46.

R3: 124.65

R2: 124.46

R1: 124.35

Pivot: 124.25

S1: 123.99

S2: 123.87

S3: 123.79

Trading recommendation:

We are long EUR from 124.46 with stop placed at 123.55. If you are not long EUR yet, then buy a break above 124.46 and use the same stop.

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.