Elliott wave analysis of EUR/JPY for August 22, 2018
August 22, 2018 4:22 amVideo
Latest News
- Trading Signals for EUR/USD for May 3-5, 2024: sell below 1.0803 (overbought – 5/8 Murray) May 3, 2024
- Trading Signals for GOLD for May 3-5, 2024: sell below $2,320 or below $2,300 (21 SMA – 200 EMA) May 3, 2024
- Technical Analysis – GBPUSD advances above descending trendline May 3, 2024
- USD experiences day X May 3, 2024
- Bitcoin licks wounds as Fed comes on the rescue – Crypto News May 3, 2024
- GBP/USD: trading plan for the US session on May 3rd (analysis of morning deals). The pound is preparing to get out of the May 3, 2024
- EUR and GBP may drop May 3, 2024
- EUR/USD: trading plan for the US session on May 3rd (analysis of morning deals). US data will be the key moment of the week May 3, 2024
- USD/JPY: Simple trading tips for novice traders for May 3rd (US session) May 3, 2024
- GBP/USD: Simple trading tips for novice traders for May 3rd (US session) May 3, 2024
- Video market update for May 03, 2024 May 3, 2024
- EUR/USD: Simple trading tips for novice traders on May 3rd (US session) May 3, 2024
- Could the BoE adopt a more dovish stance on Thursday? – Preview May 3, 2024
- EUR/USD. May 3rd. Bulls don’t give up without a fight May 3, 2024
- GBP/USD. May 3rd. Bears are counting on a strong US labor market May 3, 2024
- Market Comment – Stocks enjoy Fed-induced bounce as dollar slips ahead of NFP May 3, 2024
- Weekly Forex Outlook: 03/05/2024 – BoE and RBA decisions headline a calm week May 3, 2024
- Week Ahead – BoE and RBA decisions headline a calm week May 3, 2024
- USD/JPY: trading tips for beginners for European session on May 3 May 3, 2024
- GBP/USD: trading tips for beginners for European session on May 3 May 3, 2024
EUR/JPY has rallied to a high of 128.06 or 12 small pips above our ideal target at 127.94, but staying below important resistance at 128.48 our slightly preferred count calls for a final dip in wave v/ to complete wave C of II. Normally two of the waves, in a five wave sequence, are equal in length and one wave is extended. In this case wave iii/ clearly is extended, calling for wave v/ to be equal in length to wave i/ and that will leave us a target at 125.43, which is above the low of wave iii/. This is a possibility under the EWP, but a possible failure should never be anticipated in advance, so we need to assume, that wave v/ will dip below the end of wave iii/. The next likely target for wave v/ is seen at 124.62 or just above the start of wave I, this possibility will keep all requirements under the EWP in line, so that will be our assumption. That said, we also need to stress, that wave II is running out of time fast. So any break above 128.48 or a failure to make the expected dip before August 30, will shift the preferred count in favor of a low of wave C at 124.89 and wave III developing already.
R3: 129.48
R2: 129.00
S3: 128.06
Pivot: 127.33
S1: 126.83
S2: 126.05
S3: 125.68
Trading recommendation:
We sold half of our long position at 127.40 for a nice 115 pips profit. We are now 50% long from 126.25 and we will move our stop higher to 126.80 and if done, we will re-buy EUR at 124.75.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: