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Forex Analysis:::2019-05-14

Elliott wave analysis of EUR/JPY for May 14, 2019


We still need a clear breakout above minor resistance at 123.62 to indicate that the wave ii has completed with the test of 122.46 and the wave iii is developing towards at least 129.35. A breakout above 123.62 will be a strong indication of the wave ii being complete, while a breakout above resistance at 124.30 will confirm that the wave iii is developing for a rally towards 126.80 on the way higher to 129.35.

R3: 124.30

R2: 123.91

R1: 123.62

Pivot: 123.35

S1: 122.92

S2: 122.75

S3: 122.42

Trading recommendation:

We are long EUR from 122.51 with our stop placed at 122.41

Torben Melsted
Analyst InstaForex
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