Elliott wave analysis of EUR/JPY for Jan 22, 2020

analytics5e27dfabe2e74.png

EUR/JPY dipped to test the 38.2% corrective target at 121.77 which should be correction enough for wave 2 and could set the stage for a new impulsive rally in wave 3 towards 123.89 and 125.65 as the next upside targets.

A break above resistance at 122.37 will confirm wave 2 has completed and wave 3 is in motion.

R3: 122.83

R2: 122.55

R1: 122.37

Pivot: 122.00

S1: 121.77

S2: 121.47

S3: 121.16

Trading recommendation:

We bought EUR at 121.85 and we have placed our stop at 121.65.

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

Source:: Elliott wave analysis of EUR/JPY for January 22 – 2020

Won't your trader friends like this?
InstaForex
About the Author
InstaForex brand was created in 2007 and at the moment it’s a top choice of more than 2,000,000 traders. More than 1,000 clients open accounts with InstaForex every day. All InstaForex clients get great opportunities for effective trading on the forex market, as well as on-time technical and customer support

Related Posts

Leave a Reply

*