Elliott wave analysis of EUR/JPY for January 9, 2018

Wave summary:

EUR/JPY peaked at 136.64, just below the expected 137.37 target. The decline from 136.64 does look constructive and confirm our view that wave (D) was close to completion and wave (E) ready to take over for a decline towards 123.43.

Short-term the decline from 136.64 already look a bit stretched and a short-term snap-back close to 135.48 should not come as a surprise before renewed downside pressure is seen.

R3: 136.32

R2: 135.80

R1: 135.35

Pivot: 134.75

S1: 134.43

S2: 133.85

S3: 133.48

Trading recommendation:

Our stop+revers at 134.75 has been hit. This mean we booked a minor profit of 65 pips. Our new stop will be placed at 135.65.

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

Source:: Elliott wave analysis of EUR/JPY for January 9, 2018