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17.01.202007:39 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for Janaury 17 - 2020

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EUR/JPY continues to move higher towards our ideal target near 123.84. EUR/JPY is currently testing the former high at 122.6. It should be a matter of time before this high is conquered for more upside pressure towards 123.35 on the way to the ideal target at 123.84. That said, we do see the possibility of short-term exhaustion for a corrective dip to 122.15 before the next upside pressure sets in.

R3: 123.84

R2: 123.34

R1: 122.93

Pivit: 122.43

S1: 122.14

S2: 121.84

S3: 121.43

Trading recommendation:

We are long EUR from 122.25 and we will move our stop higher to 122.40.

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