empty
 
 
20.04.2021 07:34 AM
Elliott wave analysis of EUR/JPY for April 20, 2021

This image is no longer relevant

EUR/JPY failed to break below short-term support at 129.54. It is once again testing the resistance level at 130.67. A break above here will confirm that red wave iv/ is complete and red wave v/ is in motion towards the 132.16 target.

Notably, as long as resistance at 130.67 is able to cap the upside, we still cannot exclude a deeper corrective decline towards 128.90 before red wave iv/ completes and red wave v/ takes over. but It should be clear that the consolidation from 130.67 is corrective and the next impulsive move will be to the upside and the 132.16 target.

Trading recommendation:

Buy EUR near 128.90 if possible or buy a break above resistance at 130.67 for a rally towards 132.16

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback