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19.01.202110:03 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for January 19, 2021

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EUR/JPY dipped to a low 125.06 demonstrating that the decline from 127.48 couldn't be red wave iv/, but rather red wave ii/ and more upside pressure should be expected in the coming days towards 127.48 and ultimately closer to the 129.06 target.

We expect the the 125.06 low will be able to protect the downside as red wave iii/ gathers upside momentum. That said, a short-term pull-back into support in the 125.40 - 125.50 area should be expected before the next solid push higher through minor resistance at 126.54 towards 127.48 and above.

R3: 126.54

R2: 126.17

R1: 125.96

Pivot: 125.83

S1: 125.61

S2: 125.50

S3: 125.40

Trading recommendation:

We are long EUR from 125.75 and we have moved our stop higher to 125.05.

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