Elliott wave analysis of EUR/JPY for January 11, 2019

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As long as support at 124.12 is able to protect the downside, we should continue to look for more upside pressure towards the ideally target for wave i at 127.09.

Short-term we need a break above minor resistance at 124.93 is confirm continuation higher to the 127.09 target from where a more substantial corrective decline is expected. Only a direct break below key support at 124.12 will tell us, that a premature top for wave i already has been seen and a corrective decline into the support-area between 121.22 - 121.92 is developing.

R3: 126.58

R2: 125.90

R1: 124.93

Pivot: 124.45

S1: 124.12

S2: 123.80

S3: 123.39

Trading recommendation:

We are long EUR from 122.50 with our stop placed at 124.00

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