Elliott wave analysis of EUR/JPY for May 17, 2018
May 17, 2018 4:23 amVideo
Latest News
- Technical Analysis – BTCUSD drops to 6-week low as halving looms April 18, 2024
- Midweek Technical Look – EURUSD, US 500, WTI April 18, 2024
- Technical Analysis – AUDJPY pulls back but stays in uptrend April 18, 2024
- Forex forecast 04/18/2024: EUR/USD, USD/JPY, Oil and Bitcoin from Sebastian Seliga April 18, 2024
- Video market update for April 18, 2024 April 18, 2024
- Technical Analysis – WTI oil futures exit sideways move to the downside April 18, 2024
- Market Comment – US dollar on the back foot as nervousness lingers in equity markets April 18, 2024
- Hot forecast for EUR/USD on April 18, 2024 April 18, 2024
- EUR/USD and GBP/USD: Technical analysis on April 18 April 18, 2024
- Trading plan for GBP/USD on April 18. Simple tips for beginners April 18, 2024
- Trading plan for EUR/USD on April 18. Simple tips for beginners April 18, 2024
- The Fed and global instability: a double blow to American markets April 18, 2024
- Forecast for EUR/USD on April 18, 2024 April 18, 2024
- Forecast for GBP/USD on April 18, 2024 April 18, 2024
- Forecast for AUD/USD on April 18, 2024 April 18, 2024
- Outlook for GBP/USD on April 18. Pound was not impressed by the inflation data April 18, 2024
- Outlook for EUR/USD on April 18. Euro has fallen into a new flat April 18, 2024
- GBP/USD. Correction or trend reversal? April 18, 2024
- The FOMC will not lower rates in 2024 April 18, 2024
- Powell made a bold point, and Bailey did not report anything important April 18, 2024
EUR/JPY – 4 Hourly
EUR/JPY Accelerated nicely lower yesterday to below short-term important support at 129.96 add confidence in our preferred count, that wave iv completed with the test of 131.38 and the final decline in wave C of (E) now is developing towards the ideal target-area between 123.33 – 125.32. A dip in this area should complete the huge triangle consolidation, that has been building since July 2008.
Short-term minor resistance at 130.73 will need to cap the upside for renewed downside pressure to below 130.18 and more importantly below support at 129.78. An unexpected break above resistance at 130.73 will indicate that a more complex correction in wave iv is developing and could call for another run higher towards 131.68 before down again.
R3: 131.13
R2: 130.73 Key resistance
R1: 130.57
Pivot: 130.18
S1: 130.05
S2: 129.78
S3: 129.49
Trading recommendation:
We are short EUR from 130.95 and we will move our stop lower to 130.80. If you are not short EUR yet, then sell near 130.57 or upon a break below 130.18 and use the same stop at 130.80.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: