Elliott wave analysis of EUR/JPY for Feb 7, 2020 – Forex Alchemy

analytics5e3cf72f97d03.png

forex guide

We continue to look for a clear break below minor support at 120.63 and more importantly a break below support at 120.43 to confirm wave v of 2 is unfolding towards the ideal target-zone between 118.85 – 119.24. This should complete wave 2 and set the stage for a new impulsive rally above the peak of wave 1 at 122.66.

Minor resistance at 121.02 should be able to cap the upside for the expected break below 120.63. If, however minor resistance at 121.02 is broken that is a strong indication that we have seen a premature low for wave 2 and wave 3 is developing already.

R3: 126.26

R2: 121.02

R1: 120.80

Pivot: 120.63

S1: 120.43

S2: 120.26

S3: 120.01

Trading recommendation:

We are short EUR from 120.40 and we will lower our stop+revers to 121.10

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Elliott wave analysis of EUR/JPY for February 7, 2020

<!-- AddThis Button END --><div class='heateorSssClear'></div><div  class='heateor_sss_sharing_container heateor_sss_horizontal_sharing' heateor-sss-data-href='https://www.forexalchemy.com/elliott-wave-analysis-of-eur-jpy-for-feb-7-2020'><div class='heateor_sss_sharing_title' style="font-weight:bold" >Won&#039;t your trader friends like this?</div><ul class="heateor_sss_sharing_ul"><li class="heateorSssSharingRound"><i style="width:35px;height:35px;" alt="Facebook" title="Facebook" class="heateorSssSharing heateorSssFacebookBackground" onclick='heateorSssPopup("https://www.facebook.com/sharer/sharer.php?u=https%3A%2F%2Fwww.forexalchemy.com%2Felliott-wave-analysis-of-eur-jpy-for-feb-7-2020")'><ss style="display:block;" class="heateorSssSharingSvg heateorSssFacebookSvg"></ss></i></li><li class="heateorSssSharingRound"><i style="width:35px;height:35px;" alt="Twitter" title="Twitter" class="heateorSssSharing heateorSssTwitterBackground" onclick='heateorSssPopup("http://twitter.com/intent/tweet?text=Elliott%20wave%20analysis%20of%20EUR%2FJPY%20for%20Feb%207%2C%202020&url=https%3A%2F%2Fwww.forexalchemy.com%2Felliott-wave-analysis-of-eur-jpy-for-feb-7-2020")'><ss style="display:block;" class="heateorSssSharingSvg heateorSssTwitterSvg"></ss></i></li><li class="heateorSssSharingRound"><i style="width:35px;height:35px;" alt="Linkedin" title="Linkedin" class="heateorSssSharing heateorSssLinkedinBackground" onclick='heateorSssPopup("http://www.linkedin.com/shareArticle?mini=true&url=https%3A%2F%2Fwww.forexalchemy.com%2Felliott-wave-analysis-of-eur-jpy-for-feb-7-2020&title=Elliott%20wave%20analysis%20of%20EUR%2FJPY%20for%20Feb%207%2C%202020")'><ss style="display:block;" class="heateorSssSharingSvg heateorSssLinkedinSvg"></ss></i></li><li class="heateorSssSharingRound"><i style="width:35px;height:35px;" alt="Pinterest" title="Pinterest" class="heateorSssSharing heateorSssPinterestBackground" onclick="javascript:void( (function() {var e=document.createElement('script' );e.setAttribute('type','text/javascript' );e.setAttribute('charset','UTF-8' );e.setAttribute('src','//assets.pinterest.com/js/pinmarklet.js?r='+Math.random()*99999999);document.body.appendChild(e)})());"><ss style="display:block;" class="heateorSssSharingSvg heateorSssPinterestSvg"></ss></i></li><li class="heateorSssSharingRound"><i style="width:35px;height:35px;" alt="Reddit" title="Reddit" class="heateorSssSharing heateorSssRedditBackground" onclick='heateorSssPopup("http://reddit.com/submit?url=https%3A%2F%2Fwww.forexalchemy.com%2Felliott-wave-analysis-of-eur-jpy-for-feb-7-2020&title=Elliott%20wave%20analysis%20of%20EUR%2FJPY%20for%20Feb%207%2C%202020")'><ss style="display:block;" class="heateorSssSharingSvg heateorSssRedditSvg"></ss></i></li><li class="heateorSssSharingRound"><i style="width:35px;height:35px;" alt="Mix" title="Mix" class="heateorSssSharing heateorSssMixBackground" onclick='heateorSssPopup("https://mix.com/mixit?url=https%3A%2F%2Fwww.forexalchemy.com%2Felliott-wave-analysis-of-eur-jpy-for-feb-7-2020")'><ss style="display:block;" class="heateorSssSharingSvg heateorSssMixSvg"></ss></i></li><li class="heateorSssSharingRound"><i style="width:35px;height:35px;" alt="Whatsapp" title="Whatsapp" class="heateorSssSharing heateorSssWhatsappBackground"><ss style="display:block" class="heateorSssSharingSvg heateorSssWhatsappSvg"></ss></i></li><li class="heateorSssSharingRound"><i style="width:35px;height:35px;" title="More" alt="More" class="heateorSssSharing heateorSssMoreBackground" onclick="heateorSssMoreSharingPopup(this, 'https://www.forexalchemy.com/elliott-wave-analysis-of-eur-jpy-for-feb-7-2020', 'Elliott%20wave%20analysis%20of%20EUR%2FJPY%20for%20Feb%207%2C%202020', '' )" ><ss style="display:block" class="heateorSssSharingSvg heateorSssMoreSvg"></ss></i></li></ul><div class="heateorSssClear"></div></div><div class='heateorSssClear'></div><div class="clear"></div><br/><div class="blog-info-wrapper"><div class="blog-date"><span class="head">Posted On</span> 06 Feb 2020</div><div class="blog-author"><span class="separator">, </span><span class="head">By</span> InstaForex</div><div class="clear"></div></div><br/><div class="blog-info-wrapper"><div class="blog-date"><span class="head">Posted On</span> 05 Feb 2020</div><div class="blog-author"><span class="separator">, </span><span class="head">By</span> InstaForex</div><div class="clear"></div></div><br/><div class="blog-info-wrapper"><div class="blog-date"><span class="head">Posted On</span> 31 Jan 2020</div><div class="blog-author"><span class="separator">, </span><span class="head">By</span> InstaForex</div><div class="clear"></div></div><br/><div class="blog-info-wrapper"><div class="blog-date"><span class="head">Posted On</span> 30 Jan 2020</div><div class="blog-author"><span class="separator">, </span><span class="head">By</span> InstaForex</div><div class="clear"></div></div><br/><div class="blog-info-wrapper"><div class="blog-date"><span class="head">Posted On</span> 29 Jan 2020</div><div class="blog-author"><span class="separator">, </span><span class="head">By</span> InstaForex</div><div class="clear"></div></div><br/><div class="blog-info-wrapper"><div class="blog-date"><span class="head">Posted On</span> 28 Jan 2020</div><div class="blog-author"><span class="separator">, </span><span class="head">By</span> InstaForex</div><div class="clear"></div></div><br/><div class="blog-info-wrapper"><div class="blog-date"><span class="head">Posted On</span> 26 Jan 2020</div><div class="blog-author"><span class="separator">, </span><span class="head">By</span> InstaForex</div><div class="clear"></div></div><br/><div class="blog-info-wrapper"><div class="blog-date"><span class="head">Posted On</span> 23 Jan 2020</div><div class="blog-author"><span class="separator">, </span><span class="head">By</span> InstaForex</div><div class="clear"></div></div><br/><div class="blog-info-wrapper"><div class="blog-date"><span class="head">Posted On</span> 23 Jan 2020</div><div class="blog-author"><span class="separator">, </span><span class="head">By</span> InstaForex</div><div class="clear"></div></div><br/>

Drop your queries here! ↴ we will answer you shortly.