Site map
العربية Български 中文 Čeština English Français Deutsch हिन्दी Bahasa Indonesia Italiano Bahasa Malay اردو Polski Português Română Русский Srpski Slovenský Español ไทย Nederlands Українська Vietnamese বাংলা Ўзбекча O'zbekcha Қазақша

InstaForex Client Area

  • Personal settings
  • Access to all InstaForex services
  • Detailed statistics and reports on trades
  • Full range of financial transactions
  • System of managing several accounts
  • Maximum data protection

InstaForex Partner Area

  • Full information on clients and commissions
  • Graphic statistics on accounts and clicks
  • Webmaster instruments
  • Ready-made web solutions and wide range of banners
  • High data protection level
  • Company's news, RSS feeds, and forex informers
Register
cabinet icon

InstaForex – always at the forefront!Open a trading account and become a part of the InstaForex Loprais Team!

Success history of the team headed by Ales Loprais can become your success history! Trade confidently and head towards leadership like regular participant of Dakar Rally and winner of Silk Way Rally InstaForex Loprais Team does it!

Join in and win with InstaForex!

Instant account opening

Get a letter of instructions
toolbar icon

Trading Platform

For mobile devices

For trading via browser

Exchange Rates 03.01.2020 analysis

EUR/JPY has broken back below support at 121.55 indicating that our short-term count was of track and we have reviewed our count from the September low at 115.83. The previous count showing a series of waves ones and twos is no longer the best fit. Instead a leading diagonal seems to be the best count, but this also means that wave 1 completed with the test of 122.66 and a correction of wave 1 now is unfolding as wave 2. The ideal target for this corrective decline is seen at the 50% corrective target at 119.26 which also marks the low of wave iv. So more downside pressure should be expected in the days to come as wave 2 continues lower to 119.26.

Short-term resistance is seen in the 121.18 - 121.36 area, which is expected to cap the upside for more downside pressure towards 120.37 and then 119.26.

R3: 121.69

R2: 121.36

R1: 121.18

Pivot: 120.87

S1: 120.37

S2: 119.88

S3: 119.26

Trading recommendation:

We took profit on our EUR long position from 120.25 at 121.40 booking a nice 115 pips profit even though our count proved incorrect. We will sell EUR at 121.20 with a 122.20 stop and take profit at 119.50.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Performed by Torben Melsted,
Analytical expert
InstaForex Group © 2007-2020
Benefit from analysts’ recommendations right now
Top up trading account
Get a bonus from InstaForex

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.