Elliott wave analysis of EUR/JPY for January 14, 2020

EUR/JPY continues to move higher and has broken clearly above resistance at 122.22 telling us that our expectation for a second corrective decline to 119.26 likely is false. The break above 122.22 and more importantly above the former peak at 122.66 indicate that wave 2 completed with the test of 120.17 and wave 3 now is unfolding.

Short-term we expect a rally to 122.93 and then a correction towards support in the 121.81 – 122.09 area before higher again to 123.84 to complete wave i of 3.

R3: 123.84

R2: 123.34

R1: 122.93

Pivot: 122.43

S1: 122.14

S2: 121.77

S3: 121.43

Trading recommendation:

Our stop at 122.55 was hit for a 80 pips loss. We will buy EUR at 122.25.

The material has been provided by InstaForex Company – www.instaforex.com

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MOKAR

Author: MOKAR

Mula berdagang dalam pasaran forex sejak tahun 2003. Manakala pasaran bursa saham tempatan dan global pada tahun 2018. Menjadikan trading online sebagai kerjaya sepenuh masa pada tahun 2019. Kerjaya sebelum ini adalah seorang salesman kereta. Berpengalaman dengan pelbagai teknik dan perguruan tetapi akhirnya sangat serasi dengan teknik FMCBR @ Fibo Musang melalui guruku Cikgu Baha & Cikgu Zul.

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