empty
 
 
15.05.2019 06:47 AM
Elliott wave analysis of EUR/JPY for May 15, 2019

This image is no longer relevant

There is nothing new to add. Our downside target at 122.51 has been reached. However, as long as minor resistance at 123.60 is able to cap the upside, we could still see a slightly lower dip to 122.14 to complete the wave ii and set the stage for a new impulsive rally in the wave iii towards 129.35.

We do not prefer a dip closer to 122.14, but at this point in time, it cannot be excluded. Only a rally past minor resistance at 123.60 will eliminate this option.

R3: 124.30

R2: 123.91

R1: 123.62

Pivot: 123.02

S1: 122.70

S2: 122.46

S3: 122.14

Trading recommendation:

We are long EUR from 122.51 with our stop placed at 122.41. If our stop order is executed, we will re-buy EUR at 122.25.

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