27.06.201906:32 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for June 27 - 2019

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.

EUR/JPY is developing as expected. Its quotes are going higher. With a corrective dip to 121.62 followed by a clear break above 122.48, we should see a continuation higher to the next short-term hurdles at 123.18 and 124.16.

in the long-term we expect the ongoing rally to ultimately break above resistance at 127.50 for a continuation higher to at least 129.59 and likely even closer to 135.02.

Important support is now seen at 121.62

R3: 123.75

R2: 123.18

R1: 122.81

Pivot: 122.38

S1: 122.18

S2: 121.85

S3: 121.62

Trading recommendation:

We are long EUR from 121.98 and we will move our stop higher to 121.60.

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.