Elliott wave analysis of EUR/JPY for Jan 31, 2020

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EUR/JPY is correcting in wave iii. It may lift to the 120.79 – 121.09 before tuning lower towards the ideal target-zone for wave v between 118.85 – 119.24. Wave iv will move slightly above resistance at 120.43 before tuning lower towards the expected target-zone from where a new impulsive rally is expected.

R3: 121.09

R2: 120.79

R1: 120.43

Pivot: 120.20

S1: 119.90

S2: 119.75

S3: 119.50

Trading recommendation:

We are looking for a buying opportunity near 119.24

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

Source:: Elliott wave analysis of EUR/JPY for January 31 – 2020

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