14.10.201906:46 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for October 14 - 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 is currently correcting after its rally seen on Friday. This correction will likely see its limit near 119.01 for the next move higher towards the short-term target at 121.93.

In the longer-term, we expected EUR/JPY to move much higher as the huge 11 years triangle completed with the test of 115.87 and a new mulity year rally should be expected. If wave [C], which is now developing, becomes equal in length to wave [A] then the ideal target for wave [C] is seen at 196.88.

For now, we should be looking for support near 119.01 for the next rally higher towards 121.93.

R3: 120.55

R2: 119.96

R1: 119.72

Pivot: 119.39

S1: 119.01

S2: 118.65

S3: 118.45

Trading recommendation:

We are long EUR from 117.25 and we will move our stop higher to 118.00.

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.