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05.02.202007:34 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for February 5 - 2020

Exchange Rates 05.02.2020 analysis

As we suspected, wave iv rose slightly above minor resistance at 120.42. The peak at 120.99 should be enough to complete wave iv and set the stage for the final decline in wave v towards the 118.85 -119.24 target-zone. This should complete the correction in wave 2 and mark the beginning of a new impulsive rally in wave 3.

In the short term, a break below support at 120.42 (former resistance turns into support) will confirm that wave iv has completed and wave v is developing.

R3: 121.43

R2: 121.26

R1: 120.99

Pivot: 120.68

S1: 120.42

S2: 120.05

S3: 119.75

Trading recommendation:

We sold EUR at 120.40 with a 121.26 stop. We take profit and buy EUR at 119.25.

*A análise de mercado aqui postada destina-se a aumentar o seu conhecimento, mas não dar instruções para fazer uma negociação.

Torben Melsted,
Analytical expert of InstaSpot
© 2007-2024
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