Elliott wave analysis of EUR/JPY for May 23, 2018 888011000 110888 The break above resistance at 131.13 complicated everything here, as it opens more concerns, than offering responses. Did wave b terminate at 129.49 or is wave b still establishing as a flat? If wave b did total at 129.49 was the rally from 129.49 to 131.13 only wave a of y and the broadened flat correction that followed just wave b of y? or perhaps, did the rally to 131.35 total the whole correction in wave iv and wave v lower towards the perfect target near 125.32 is now developing?As long as support at 129.49 is able to safeguard the drawback, we should assume, that the corrective rally in wave iv from 129.22 continues to establish and stillmight make it to 131.67. Nevertheless, a break listed below129.49 will prefer wave iv being total and wave v lower towards 125.32 developing.R3: 131.35 R2: 130.60 R1: 130.27 Pivot: 130.01 S1: 129.73 S2: 129.49 S3: 129.22 Trading recommendation: Our stop at for a little loss of 47 pips. We will stay sidelined and see what option ends up being the most most likely. The material has actually been offered by InstaForex Company -www.instaforex.com

By | May 23, 2018

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