For Traders

Analytical Reviews

Wave analysis

24.01.202007:41 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for January 24, 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 dipped to a low of 120.61 which was deeper than expected for wave ii. The correction in wave ii could be complete, but to confirm this is the case, we need a break above minor resistance at 121.76 that will call for more upside pressure towards 122.88 on the way higher to minimum 124.90.

That said, it is possible that a second dip to or just below 120.61 is seen to complete the correction in wave ii. However, key support at 120.15 must protect the downside under this scenario.

R3: 122.01

R2: 121.76

R1: 121.31

Pivot: 121.15

S1: 120.89

S2: 120.61

S3: 120.49

Trading recommendation:

We bought EUR at 121.25 and has placed our stop at 120.10.

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.