Elliott wave analysis of EUR/JPY for January 5 – 2018

Wave summary:

EUR/JPY continues to push higher towards the 137.37 target for wave (D). Once this target is tested, wave (E) is expected to take over for a decline towards 123.43.

Support is now seen at 135.55 and a break below it will be the first warning of possible exhaustion, but only a break below minor support at 134.78 will confirm that wave (D) has been completed and wave (E) is developing.

R3: 137.37

R2: 136.71

R1: 136.55

Pivot: 135.55

S1: 134.78

S2: 134.58

S3: 133.89

Trading recommendation:

We are long EUR from 134.10 with our stop + revers placed at 134.75. We will place our take profit+revers at 136.75.

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

Source:: Elliott wave analysis of EUR/JPY for January 5 – 2018