Elliott wave analysis of EUR/JPY for January 6, 2020

EUR/JPY completed a leading diagonal mid-December with the test of 122.66 and is currently correcting the advance from 115.83 to 122.66. The ideal corrective target is seen at 119.26 when wave 2 has corrected 50% of wave 1. This is also the low of wave iv of one lessor degree.

Short-term we are looking for a minor bounce into resistance in the 121.18 – 121.36 area from where the next downside pressure is expected towards the 119.36 target.

R3: 121.69

R2: 121.36

R1: 121.18

Pivot: 120.87

S1: 120.37

S2: 119.88

S3: 119.26

Trading recommendation:

We will sell EUR at 121.20 with a 122.20 stop and take profit at 119.50.

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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