empty
 
 
07.06.2021 06:09 AM
Elliott wave analysis of EUR/JPY for June 7, 2021

This image is no longer relevant

EUR/JPY is following the expected path and has stated its decline towards the ideal target for wave 4/ at 130.81 and possibly even closer to the 38.2% corrective target of wave 3/ at 129.06. Short-term we would like to see a break below minor support at 132.95 to confirm that wave 4/ is in motion and 130.81 is in focus.

As wave 2/ was a simple deep zig-zag correction, we are looking for a more complex correction in wave 4/, which makes it much unpredictable and hard to trade.

Trading recommendation:

We are looking for a dip to 130.81. As this wave 4/ correction in expected to be a complex correction we recommend staying on the sideline and buy near 130.81

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
  • Chancy Deposit
    Deposit your account with $3,000 and get $9000 more!
    In May we raffle $9000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

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