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09.01.202007:57 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for January 9, 2020

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EUR/JPY is currently testing the 121.45 high and will likely exceed by a small margin before turning lower again, through minor support at 121.31 and more importantly below support at 121.07 for renewed downside pressure towards 120.15 on the way towards the ideal target at 119.26. Once the 119.26 has be reached a new impulsive rally is expected.

Short-term the corrective rally from 120.15 is expected to peak near 121.53 before turning lower again to complete the corrective decline from 122.50.

R3: 121.76

R2: 121.67

R1: 121.53

Pivot: 121.31

S1: 121.07

S2: 120.89

S3: 120.65

Trading recommendation:

We are short EUR from 121.20 and we will move our stop to 121.70 risking only 20 pips more

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