06.08.201906:43 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for August 6 - 2019

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 saw a low at 117.67 just sky of our ideal target at 117.47. The following break above minor resistance at 118.92 is a good indication that a long-term bottom could be in place at 117.67, but we need a follow-though towards the upside and a break above resistance at 121.38 to confirm the low is in place.

The short-term minor support is seen at 118.92 and again at 118.35. Thus, it is likely to be able to protect the downside for more upside pressure towards 121.38 and above.

R3: 121.38

R2: 120.73

R1: 120.33

Pivot: 119.90

S1: 119.52

S2: 118.92

S3: 118.35

Trading recommendation:

We bought EUR at 118.95 and we have placed our stop at 118.30

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.