Elliott wave analysis of EUR/JPY for January 21 – 2020

EUR/JPY remains pressured and has broken below support at 122.04 indicating more downside pressure towards 121.77 and maybe even closer to the 50% corrective target at 121.47 before starting to turn higher in wave 3.

In the short-term, a break above minor resistance at 122.33 will confirm that wave 2 has completed and wave 3 higher is in motion towards 123.84 and 125.65

R3: 122.55

R2: 122.33

R1: 122.11

Pivot: 121.00

S1: 121.91

S2: 121.77

S3: 121.47

Trading recommendation:

Our stop at 122.00 was hit for a small 27 pip loss. We will re-buy EUR at 121.85 or upon a break above 122.33.

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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