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11.05.202109:00 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for May 11, 2021

Exchange Rates 11.05.2021 analysis

EUR/JPY continues to rally higher as expected with the next upside target is seen at 133.66 as the next ideal upside target. This rally should complete wave 3/ and set the stage for a correction in wave 4/ towards at least 130.86. The pair may approach the 38.2% corrective target at 129.06 before reversing again to above the wave 3/ peak at 133.66 in wave 5/ of 3.

In the short term, we see support at 131.87 with key support at 131.02.

Trading recommendation:

Take profit near 133.66 or upon a break below minor support ay 131.87.

*这里的市场分析是为了增加您对市场的了解,而不是给出交易的指示。

Torben Melsted,
Analytical expert of InstaSpot
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