empty
 
 
21.06.2021 06:48 AM
Elliott wave analysis of EUR/JPY for June 21, 2021

This image is no longer relevant

EUR/JPY has broken below the 23.6% corrective target which does open for the possibility of a continuation lower to the 38.2% corrective target at 129.06. That said, we see solid support near 129.60 that could halt the corrective decline and push EUR/JPY higher again. The decline from 134.06 also show clear signs of being overextended , therefore we should expect a strong reaction higher once a corrective low is in place. A break above minor resistance at 130.89 will be the first good indication that the corrective low is in place and a new impulsive rally is unfolding towards 135.42.

Trading recommendation:

Buy a break above 130.89 for the next impulsive rally towards 135.42

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