empty
 
 
fr
Assistance
Ouverture rapide de compte
Plateforme de trading
Déposer / Retirer

13.05.202007:06 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for May 13 - 2020

Exchange Rates 13.05.2020 analysis

EUR/JPY has finally bottomed. After a minor pull-back to the 115.32 - 115.61 area we can see a new strong rally through resistance at 116.86 and more importantly through resistance at 117.77 for a rally back to at least 122.88 and in the longer-term all the way back to the February 2018 peak at 137.50.

The decline from February 2018 to the low at 114.37 has been a double zig-zag correction and the final decline from the beginning of 2020 has been extremely complex. Presently, we can look forward to a more clear-cut price-movements.

R3: 117.24

R2: 116.86

R1: 116.40

Pivot: 116.16

S1: 115.90

S2: 115.61

S3: 115.32

Trading recommendation:

We will buy EUR at 115.65 or upon a break above resistance at 116.86

*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 InstaSpot
© 2007-2024
Benefit from analysts’ recommendations right now
Top up trading account
Open trading account

InstaSpot analytical reviews will make you fully aware of market trends! Being an InstaSpot client, you are provided with a large number of free services for efficient trading.

Can't speak right now?
Ask your question in the chat.