FX.co ★ Elliott wave analysis of EUR/JPY for January 29 - 2020

EUR/JPY dipped to a low of 119.78 just above our target at 119.75. We are now looking for a corrective rally towards the 120.79 - 121.09 target-zone before renewed downside pressure towards 118.85 - 119.24 should be expected.

In the short term, a break above 120.40 will confirm the expected rally higher to the 120.79 - 121.09 target-zone.

R3: 121.09

R2: 120.79

R1: 120.40

Pivot: 120.20

S1: 119.90

R2: 119.75

R1: 119.50

Trading recommendation:

We will sell EUR at 120.95 for a final dip to 119.24.