empty
30.07.2019 06:42 AM
Elliott wave analysis of EUR/JPY for July 30, 2019

This image is no longer relevant

Support in the 120.54 - 120.60 area held well and protected the downside for a new rally to attack the 121.35 peak. This peak has not been conquered yet, but if minor support at 120.96 is able to protect the downside for a new attempt to break above 121.35, we think the next attempt will be successful. So, the price is likely to extend its climb to 122.32 and even higher to 123.36.

That said, we also have to accept the possibility of the rally from 120.71 to be part of a flat correction. A clear break below 120.96 will increase the odds for this scenario and call for another dip to the 120.54 - 120.71 area before EUR/JPY is ready to take off in the next impulsive rally.

R3: 121.84

R2: 121.68

R1: 121.35

Pivot: 121.22

S1: 120.96

S2: 120.88

S3: 120.71

Trading recommendation:

We are long EUR from 120.85 with our stop placed at 120.00

Summary
Urgency
Analytic
Torben Melsted
Start trade
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

Recommended Stories

GBP/USD Analysis on August 22, 2025

For GBP/USD, the wave pattern continues to indicate the development of an upward impulsive wave structure. The wave configuration is almost identical to that of EUR/USD since the only true

Chin Zhao 16:04 2025-08-22 UTC+2

EUR/USD Analysis on August 21, 2025

The wave pattern on the 4-hour chart for EUR/USD has remained unchanged for several months now, which is encouraging. Even during the formation of corrective waves, the integrity

Chin Zhao 18:15 2025-08-21 UTC+2

GBP/USD Analysis on August 21, 2025

The wave pattern for GBP/USD continues to indicate the formation of a bullish impulse structure. The wave picture is nearly identical to that of EUR/USD, as the only "driving force"

Chin Zhao 18:10 2025-08-21 UTC+2

EUR/USD Analysis on August 20, 2025

The wave pattern on the 4-hour chart of EUR/USD has remained unchanged for several months now, which is very encouraging. Even when corrective waves form, the integrity of the structure

Chin Zhao 18:40 2025-08-20 UTC+2

GBP/USD Analysis on August 20, 2025

For GBP/USD, the wave structure still indicates the development of an upward impulse sequence. The wave pattern is almost identical to EUR/USD, since the only "driver of the show" remains

Chin Zhao 18:39 2025-08-20 UTC+2

GBP/USD Analysis on August 19, 2025

For GBP/USD, the wave structure continues to indicate the formation of an upward impulsive wave pattern. The wave picture is almost identical to EUR/USD since the only "main driver" here

Chin Zhao 20:17 2025-08-19 UTC+2

EUR/USD Analysis on August 19, 2025

The wave structure on the 4-hour chart for EUR/USD has not changed for several months, which is encouraging. Even when corrective waves form, the integrity of the structure is preserved

Chin Zhao 20:02 2025-08-19 UTC+2

EUR/USD Analysis on August 18, 2025

The wave count on the 4-hour chart for EUR/USD has remained unchanged for several months now, which is encouraging. Even when corrective waves form, the structure's integrity is preserved. This

Chin Zhao 20:06 2025-08-18 UTC+2

GBP/USD Analysis on August 18, 2025

The wave structure of GBP/USD continues to indicate the development of a bullish impulsive wave pattern. The wave picture is almost identical to EUR/USD, as the only real "culprit" remains

Chin Zhao 20:05 2025-08-18 UTC+2

Weekly Forecast Based on Simplified Wave Analysis for GBP/USD, AUD/USD, USD/CHF, EUR/JPY, AUD/JPY, Ethereum, and US Dollar Index – August 18th

In the coming week, the upward bias of the British pound is expected to end completely, followed by a reversal and the start of a bearish trend. A change

Isabel Clark 10:22 2025-08-18 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.