08.05.201805:54 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for May 8, 2018

Long-term review

Exchange Rates 08.05.2018 analysis

EUR/JPY continues to move lower towards the next minor downside target at 128.96.

Short-term resistance is now seen at 130.63, which will ideally protect the upside for a continuation lower to 128.96 on the way towards the ideal wave C of (E) target at 124.94.

Once this C wave decline completes, it will also complete the huge triangle consolidation that has been unfolding since July 2008.

R3: 130.81

R2: 130.63

R1: 130.25

Pivot: 129.87

S1: 129.52

S2: 128.96

S3: 128.31

Trading recommendation:

Sell EUR near 130.63 with stop placed at 131.25.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Torben Melsted,
Analytical expert
InstaForex Group © 2007-2020
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