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13.01.2020 07:53 AM
Elliott wave analysis of EUR/JPY for January 13, 2020

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We have had to change our count as EUR/JPY has moved beyond resistance at 121.76. The first part of the correction from 122.66 completed wave w at 120.14 as a zig-zag correction and the ongoing rally from 120.14 is regarded as an x-wave, that ideally will complete near 122.22 and should be followed by renewed downside pressure towards 120.14 on the way towards the ideal target at 119.26.

Short-term a break below support at 121.70 and more importantly a break below 121.50 will confirm that wave x has completed and wave y is in motion for the expected decline towards 119.26.

R3: 122.66

R2: 122.30

R1: 122.22

Pivot: 121.85

S1: 121.70

S2: 121.50

S3: 121.06

Trading recommendation:

We sold EUR at 121.75 and we will placed our stop at 122.55

Torben Melsted,
Analytical expert of InstaForex
© 2007-2025
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