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Investments in financial products are subject to market risk. Some financial products, such as currency exchange, are highly speculative and any investment should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only.

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Elliott wave analysis of EUR/JPY for August 12, 2020

analytics5f3370eda57ce.jpg

EUR/JPY rallied to test short-term resistance at 125.43 but failed to break thought that level. It is likely to set for a second leg lower towards 124.00. Because of the larger than expected rally to 125.50, the second leg may hit 123.78 before the next impulsive rally through the former peak at 125.59 towards 127.23 takes place. In the longer-term, the pair may rise to 129.26.

R3: 125.94

R2: 125.59

R1: 125.32

Pivot: 124.81

S1: 124.55

S2: 124.00

S3: 123.78

Trading recommendation:

We will buy EUR at 124.10 or upon a break above 125.43

The material has been provided by InstaForex Company - www.instaforex.com