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Expert In



Elliott wave analysis of EUR/JPY for August 13 - 2019


The EUR/JPY pair is likely to reach the bottom if a break above 118.40 takes place and more importantly a break above resistance at 119.17.

Yesterday EUR/JPY made a new low at 117.50 falling from 127.50. As long as minor resistance at 118.40 is able to cap the upside, we can not exclude more downside pressure but the downside momentum is clearly weakening. It should just be a matter of time before the final low and a new impulsive rally.

R3: 119.17

R2: 118.72

R1: 118.40

Pivot: 117.90

S1: 117.65

S2: 117.50

S3: 117.30

Trading recommendation:

Our stop at 117.60 was hit for a 35 pip loss. We will re-buy EUR upon a break above 118.40 with a stop placed at 117.40

The material has been provided by InstaForex Company -