Elliott wave analysis of EUR/JPY for January 24, 2018

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Wave summary:

No change in our view.

We continue to look for a clear break below 135.00 confirming wave B peaked at 136.31 and wave C lower to 131.11 is developing. Short-term, we have seen a minor resistance at 135.71, which ideally will be able to cap the upside for the expected break below 135.00.

R3: 136.64

R2: 136.31

R1: 136.01

Pivot: 135.71

S1: 135.00

S2: 134.78

S3: 134.37

Trading recommendation:

We are short EUR from 134.75 with stop placed at 136.75.

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

Source:: Elliott wave analysis of EUR/JPY for January 24, 2018

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