Elliott wave analysis of EUR/JPY for January 3d, 2018

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Wave summary:

EUR/JPY will remain positive above minor support seen at 134.84 for more upside pressure towards 137.37 to complete wave (D). A break below support at 134.84 will be the first warning of possible exhaustion, while a break below support at 134.26 will confirm that wave (D) is completed and wave (E) towards 123.43 is now developing.

R3: 136.55

R2: 136.05

R1: 135.63

Pivot: 134.84

S1: 134.58

S2: 133.89

S3: 133.58

Trading recommendation:

We are long on EUR from 134.10 with stop placed at 134.75. We will also revers our bought position to a sell EUR position at 134.75.

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