Elliott wave analysis of EUR/JPY for January 10, 2019

Elliott wave analysis of EUR/JPY for January 10, 2019

EUR/JPY is fighting to break clearly above resistance at 124.86. As long as support at 124.09 is able to protect the downside, we continue to look for more upside pressure towards the ideal target for the wave i near 127.09, before a more substantial correction should be expected. However, if support at 124.09 is broken, that will indicate a premature top and a deeper correction towards support in the 121.22 – 121.92 area in the wave ii.

R3: 126.58

R2: 125.90

R1: 125.09

Pivot: 124.45

S1: 124.09

S2: 123.80

S3: 123.39

Trading recommendation: We are long EUR from 122.50 and we have moved our stop order higher to 124.00.

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