Elliott wave analysis of EUR/JPY for January 4, 2019

There was no time for a correction towards 120.05. EUR/JPY just went straight higher towards minor resistance at 123.54 and important resistance seen at 125.80. A break above 123.54 will be the first good indication that a long-term low has been seen, while a break above the later, will confirm a long-term bottom has been seen and wave [C] to above 170.00 is developing.

Short-term support is now seen at 122.93 and then near 122.35.

R3: 124.38

R2: 123.86

R1: 123.54

Pivot: 122.93

S1: 122.54

S2: 122.35

S3: 121.92

Trading recommendation:

Our stop+revers at 122.50 was hit, which means we book a 372 pips profit and is now long EUR from 122.50. We have placed our stop at break-even at 122.50.

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

Source:: Elliott wave analysis of EUR/JPY for January 4, 2019