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22.01.202007:40 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for January 22 - 2020

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EUR/JPY dipped to test the 38.2% corrective target at 121.77 which should be correction enough for wave 2 and could set the stage for a new impulsive rally in wave 3 towards 123.89 and 125.65 as the next upside targets.

A break above resistance at 122.37 will confirm wave 2 has completed and wave 3 is in motion.

R3: 122.83

R2: 122.55

R1: 122.37

Pivot: 122.00

S1: 121.77

S2: 121.47

S3: 121.16

Trading recommendation:

We bought EUR at 121.85 and we have placed our stop at 121.65.

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