27.11.201708:16 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for November 27, 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:

The corrective rally from 131.14 has extended beyond the expected target at 132.47. This larger corrective rally does not change our preferred view that more downside pressure remains expected in wave (E). That said, the requirement for this count to remain the top count is, that resistance at 133.89 continues to cap the upside for a break below minor support at 132.11 and more importantly below support at 131.14 that calls for a decline towards 123.43 in wave (E).

R3: 134.50

R2: 133.87

R1: 133.34

Pivot: 132.35

S1: 132.11

S2: 131.61

S3: 131.14

Trading recommendation:

Our break-even stop at 133.10 has been hit. We will look for a new selling opportunity at 133.25 with a stop at 134.00.

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.