empty
 
 
07.05.2019 06:36 AM
Elliott wave analysis of EUR/JPY for May 7, 2019

This image is no longer relevant

After the dip to 123.35, we are looking for a breakout above 124.61 to confirm that the wave ii has completed and the wave iii towards 127.50 and 129.35 is developing.

Short-term support is seen at 123.75 which will be able to protect the downside for the expected breakout above 124.61 in order to increase upside pressure to 125.23.

Only a breakout below 123.35 will keep the wave ii alive calling for a move closer to 123.10 and maybe even to 122.10 before the wave ii finally finds its bottom.

R3: 125.15

R2: 124.60

R1: 124.09

Pivot: 123.75

S1: 123.35

S2: 123.10

S3: 122.75

Trading recommendation:

We are long EUR from 124.05 with our stop placed at 123.05.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $5000 more!
    In November we raffle $5000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback