For Traders

Analytical Reviews

Wave analysis

21.01.202007:58 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for January 21 - 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 remains pressured and has broken below support at 122.04 indicating more downside pressure towards 121.77 and maybe even closer to the 50% corrective target at 121.47 before starting to turn higher in wave 3.

In the short-term, a break above minor resistance at 122.33 will confirm that wave 2 has completed and wave 3 higher is in motion towards 123.84 and 125.65

R3: 122.55

R2: 122.33

R1: 122.11

Pivot: 121.00

S1: 121.91

S2: 121.77

S3: 121.47

Trading recommendation:

Our stop at 122.00 was hit for a small 27 pip loss. We will re-buy EUR at 121.85 or upon a break above 122.33.

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.