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Wave analysis

22.11.201808:24 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for November 22, 2018

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.

Exchange Rates 22.11.2018 analysis

EUR/JPY remains locked in undecided territory between support at 127.90 and resistance at 129.22, we need a break out of this territory to get the next big move up or down.

We remain biased towards the downside for a break below support at 127.90 for a continuation lower towards the long-term target at 123.66 to complete the long-term triangle consolidation and set the stage for the impulsive rally.

If, however resistance at 129.22 is broken that will be a warning that wave (E) already has completed and the new impulsive rally already is under way.

R3: 130.13

R2: 129.40

R1: 129.06

Pivot: 128.90

S1: 128.40

S2: 128.00

S3: 127.74

Trading recommendation:

We are short EUR from 128.75 and we will move our stop+revers lower to 129.50.

Torben Melsted
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