empty
16.07.2021 06:42 AM
Elliott wave analysis of EUR/JPY for July 16, 2021

This image is no longer relevant

EUR/JPY dipped to a new low for the correction that began on June 1'st. This correction has now reached the channel support-line and the loss of downside momentum is clear. This means we should expect the support-line to act as the final defense and push EUR/JPY higher again above minor resistance at 131.00 indicating that wave iv/ has completed and wave v/ towards 135.42 to complete wave 3 that has been in motion the last year.

Short-term we could see EUR/JPY dip to a low of 129.34, which marks the 38.2% corrective target of wave iii/ and would be a normal target for the ongoing wave iv/ correction for the next impulsive rally higher.

Trading recommendation:

Buy EUR near 129.34 or upon a break above 131.00 for the expected rally in wave v/ towards 135.42

Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
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 June 4, 2025

The wave pattern for GBP/USD continues to indicate the formation of an upward impulsive wave structure. The wave picture is almost identical to that of the EUR/USD pair. Until February

Chin Zhao 18:48 2025-06-04 UTC+2

EUR/USD Analysis on June 3, 2025

The wave pattern on the 4-hour chart for EUR/USD has transformed into an upward structure and remains such. I believe there's no doubt that this transformation occurred exclusively

Chin Zhao 19:38 2025-06-03 UTC+2

GBP/USD Analysis on June 3, 2025

The wave structure for GBP/USD continues to indicate the development of an upward impulsive wave pattern. The wave pattern is almost identical to that of the EUR/USD pair. Until February

Chin Zhao 19:32 2025-06-03 UTC+2

EUR/USD Analysis on June 2, 2025

The wave structure on the 4-hour chart for EUR/USD has transformed into a bullish formation and continues to hold that shape. I believe there is no doubt that this transformation

Chin Zhao 19:07 2025-06-02 UTC+2

GBP/USD Analysis on June 2, 2025

The wave structure for GBP/USD continues to indicate the formation of a bullish impulse wave pattern. The wave pattern closely mirrors that of EUR/USD. Until February 28, we observed

Chin Zhao 19:05 2025-06-02 UTC+2

Weekly Forecast Based on Simplified Wave Analysis for GBP/USD, AUD/USD, USD/CHF, EUR/JPY, EUR/GBP, and the US Dollar Index on June 2nd

During the upcoming week, the British pound is expected to move from its current zone toward the calculated resistance area. In the early days, a downward vector with potential pressure

Isabel Clark 11:53 2025-06-02 UTC+2

Weekly Forecast Based on Simplified Wave Analysis for EUR/USD, USD/JPY, GBP/JPY, USD/CAD, NZD/USD, and Gold on June 2nd

In the coming days, the euro is expected to continue moving sideways. A short-term decline toward the support zone is possible. Afterward, conditions for a reversal may form. The start

Isabel Clark 11:48 2025-06-02 UTC+2

GBP/USD Analysis on May 30, 2025

The wave structure for GBP/USD continues to indicate the development of an upward impulsive wave pattern. The wave pattern is almost identical to that of EUR/USD. Until February

Chin Zhao 17:31 2025-05-30 UTC+2

EUR/USD Analysis on May 29, 2025

The wave pattern on the 4-hour chart for EUR/USD has transformed into an upward structure and remains so. It is clear that this shift has occurred solely

Chin Zhao 20:18 2025-05-29 UTC+2

GBP/USD Analysis on May 29, 2025

The wave structure for the GBP/USD pair continues to indicate the formation of a bullish impulse wave pattern. The wave configuration closely mirrors that of EUR/USD. Until February

Chin Zhao 20:17 2025-05-29 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.