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Elliott wave analysis of EUR/JPY for January 29, 2018

Posted On 29 Jan 2018
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Wave summary:

EUR/JPY is finally challenging an important support at 135.00 and a firm break below here will require contined effort towards 131.11 and longer term decline towards 123.43, as the final wave (E) develops within the huge triangle consolidation, which has unfolded since July 2008.

Short-term minor resistance at 135.48 is expected to cap the upside for a clear break below 134.72 towards 133.05 and 131.11.

R3: 136.30

R2: 135.48

R1: 135.22

Pivot: 134.53

S1: 134.28

S2: 133.90

S3: 133.63

Trading recommendation:

We are short EUR from 134.75 and we will move our stop lower to 136.40.

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

Source:: Elliott wave analysis of EUR/JPY for January 29, 2018

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