Elliott wave analysis EUR/JPY – January 2, 2019

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EUR/JPY peaked nicely at the 38.2% corrective target to complete wave iv and wave v lower to at least 134.89 and ideally closer to 123.66 should now be developing to complete wave (E) of the more than 10 year long triangle consolidation.

The break below support at 126.00 confirms that wave iv has completed and wave v lower now is developing.

R3: 126.59

R2: 126.13

E1: 125.87

Pivot: 125.38

S1: 124.89

S2: 124.59

S3: 123.85

Trading recommendation:

We sold EUR at 126.22 and has placed our stop at 126.65.

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

Source:: Elliott wave analysis of EUR/JPY for January 2, 2019

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