Elliott wave analysis of EUR/JPY for Jan 15, 2020

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We continue to look for more upside pressure towards 123.84 near-term. Before the next push higher, we could see a dip into the support-zone between 121.81 – 122.09 but the consolidation already seen could be enough to push EUR/JPY higher towards the next upside target at 123.84.

R3: 123.84

R2: 123.34

R1: 122.93

Pivot: 122.43

S1: 122.14

S2: 121.84

S3: 121.43

Trading recommendation:

We bought EUR at 122.25 and we have placed our stop at 121.25

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Elliott wave analysis of EUR/JPY for January 15 – 2020

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