Elliott wave analysis of EUR/JPY for January 22, 2019

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As the US market was closed for Martin Luther King Day, nothing much happened in yesterday’s trading. We still favor a more complex correction in wave ii and resistance at 124.93 being able to cap the upside for a final dip towards 122.70 to complete wave ii and setting the stage for the next impulsive rally higher in wave iii towards 132.12.

Only a direct break above 124.93 will indicate that wave ii already has completed and wave iii is developing towards 132.12.

R3: 125.81

R2: 125.19

R1: 124.93

Pivot: 124.71

S1: 124.20

S2: 123.73

S3: 123.37

Trading recommendation:

We will buy EUR at 123.00 or upon a break above 124.93.

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

Source:: Elliott wave analysis of EUR/JPY for January 22, 2019

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