Elliott wave analysis of EUR/JPY for January 23 – 2020

The correction from 122.88 has continued lower to the 50% corrective target at 121.46 and as long as resistance at 122.02 is able to cap the upside, we could see a continuation lower to the 61.8% corrective target at 121.17 too.

It will take a break above minor resistance at 121.77 and more importantly a break above resistance at 122.02 to confirm that the correction in wave 2 finally is complete and wave 3 higher towards 123.89 and 125.65 is unfolding.

R3: 122.37

R2: 122.02

R1: 121.77

Pivot: 121.65

S1: 121.46

S2: 121.17

S3: 120.72

Trading recommendation:

Our stop at 121.65 was hit for a small 20 pip loss and we will re-buy EUR at 121.25 or upon a break above 121.80.

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

Rate this post
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.

Leave a Reply

Your email address will not be published. Required fields are marked *