empty
 
 
06.01.2020 07:41 AM
Elliott wave analysis of EUR/JPY for January 6, 2020

This image is no longer relevant

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.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $9000 more!
    In May we raffle $9000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback