empty
 
 
09.01.2018 06:22 AM
Elliott wave analysis of EUR/JPY for January 9, 2018

This image is no longer relevant

Wave summary:

EUR/JPY peaked at 136.64, just below the expected 137.37 target. The decline from 136.64 does look constructive and confirm our view that wave (D) was close to completion and wave (E) ready to take over for a decline towards 123.43.

Short-term the decline from 136.64 already look a bit stretched and a short-term snap-back close to 135.48 should not come as a surprise before renewed downside pressure is seen.

R3: 136.32

R2: 135.80

R1: 135.35

Pivot: 134.75

S1: 134.43

S2: 133.85

S3: 133.48

Trading recommendation:

Our stop+revers at 134.75 has been hit. This mean we booked a minor profit of 65 pips. Our new stop will be placed at 135.65.

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