Elliott wave analysis of EUR/JPY for Jan 28, 2020

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EUR/JPY could move a bit closer to support at 119.75 before completing wave iii. Then, it is likely to set the stage for a correction in wave iv towards 120.97 and a final dip into the target-zone between 118.85 – 119.24 to complete wave v and C of 2.

In the short term, a break above minor resistance at 120.40 will indicate that wave iii has completed and wave iv is developing towards 120.97.

R3: 120.97

R2: 120.60

R1: 120.40

Pivot: 120.29

S1: 119.90

S2: 119.75

S3: 119.50

Trading recommendation:

We will wait for a buying opportunity at 119.30.

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

Source:: Elliott wave analysis of EUR/JPY for January 28 – 2020

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