Elliott wave analysis of EUR/JPY for Jan 23, 2020

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The correction from 122.88 has continued lower to the 50% corrective target at 121.46 and as long as resistance at 122.02 is able to cap the upside, we could see a continuation lower to the 61.8% corrective target at 121.17 too.

It will take a break above minor resistance at 121.77 and more importantly a break above resistance at 122.02 to confirm that the correction in wave 2 finally is complete and wave 3 higher towards 123.89 and 125.65 is unfolding.

R3: 122.37

R2: 122.02

R1: 121.77

Pivot: 121.65

S1: 121.46

S2: 121.17

S3: 120.72

Trading recommendation:

Our stop at 121.65 was hit for a small 20 pip loss and we will re-buy EUR at 121.25 or upon a break above 121.80.

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

Source:: Elliott wave analysis of EUR/JPY for January 23 – 2020

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