12.09.201906:39 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for September 12, 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 tested short-term important support at 118.27 but failed to break below to confirm wave c of ii lower towards 117.24. We continue to look for for more downside pressure through this short-term support at 118.27 confirming more downside pressure in wave c of ii.

That said, we also need to stress, that what we are looking for, is a short-term decline, before the next impulsive rally higher towards 123.13 and above.

R3: 119.88

R2: 119.59

R1: 119.29

Pivot: 118.75

S1: 118.51

S2: 118.28

S3: 117.91

Trading recommendation:

We are looking for a buying opportunity near 117.40

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.