Elliott wave analysis EUR/JPY for December 21, 2018

analytics5c1c7a782ee8f_source!.png

The EUR/JPY pair has finally broken below the triangle support-line at 127.70 and the wave C will be able to lower to the long-term ideal target at 123.66.

Now the previous support at 127.70 should act as resistance and, ideally, cap the upside for a further decline in the wave C. However, this will be only a break above resistance at 128.38 that invalidates further downside pressure and indicates a long-term low.

R3: 128.38

R2: 128.07

R1: 127.70

Pivot: 127.50

S1: 127.20

S2: 126.63

S3: 125.96

Trading recommendation:

WE are short EUR from 128.05 and we will move our stop and reverse orders lower to 128.45.

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

Source:: Elliott wave analysis of EUR/JPY for December 21, 2018

About the Author
InstaForex brand was created in 2007 and at the moment it’s a top choice of more than 2,000,000 traders. More than 1,000 clients open accounts with InstaForex every day. All InstaForex clients get great opportunities for effective trading on the forex market, as well as on-time technical and customer support

Leave a Reply

*