Elliott wave analysis of EUR/JPY for January 8, 2018

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Wave summary:

We remain positive on EUR/JPY as long as support at 134.73 stays intact. Above this pivot-point EUR/JPY should be able to climb higher towards the ideal target near 137.37 to complete wave (D) and set the stage for the final decline within the huge triangle consolidation, that has been building since July 2008. The ideal target for wave (E) is seen at 123.43.

For now, continue to look higher towards 137.37 as long as minor support at 136.36 and more importantly as long as the pivot-point at 134.73 protects the downside.

R3: 136.93

R2: 136.71

R1: 136.55

Pivot: 135.87

S1: 135.50

S2: 134.73

S3: 134.58

Trading recommendation:

We are long EUR from 134.10 with stop+reverse placed at 134.75 and take profit + reverse at 136.75.

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