07.01.202007:54 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for January 7 - 2020

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

EUR/JPY has corrected a bit higher than expected but it does not change our view. More downside pressure towards 119.26 should be seen before the correction in wave 2 has completed and a new rally can begin. In the short-term, we will be looking for a break below minor support at 121.18 to confirm the ongoing correction from 120.14 has completed and the final dip lower to 119.26 is unfolding.

At 119.26 EUR/JPY will have corrected 50% of the leading diagonal in wave 1 and will at the same time test the bottom of wave iv of one lesser degree which is a very common target for corrections.

R3: 122.03

R2: 121.76

R1: 121.46

Pivot: 121.18

S1: 120.88

S2: 120.68

S3: 120.44

Trading recommendation:

We sold EUR at 121.20 and has placed our stop at 122.20.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.