29.08.201805:08 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for August 29, 2018

Long-term review

Exchange Rates 29.08.2018 analysis

The peak at 130.28 could be enough to fulfill the 130.38 target and set the stage for a corrective decline towards at least 128.78 and more likely closer to support in the 126.99 - 127.64 zone.

In the short-term, a break below minor support at 129.68 will indicate that wave i/ has peaked and a corrective decline in wave ii/ is developing. That said, we also need to accept the possibility for one last spike closer to the ideal 130.38 target as long as support at 129.68 holds firm.

R3: 131.15

R2: 130.70

R1: 130.38

Pivot: 129.68

S1: 129.21

S2: 128.78

S3: 128.42

Trading recommendation:

We will sell EUR at 130.25 or upon a break below 129.68

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

Torben Melsted,
Analytical expert of InstaForex
© 2007-2022
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