Elliott wave analysis of EUR/JPY for January 14, 2019

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EUR/JPY once again failed to break clearly above resistance at 124.86 and looks to have lost upside momentum. This mean wave i is in place at 125.09 and wave ii into the corrective target-area between 121.22 – 121.96 now should be expected before the next impulsive rally is expected to take over again.

Resistance at 124.49 should be able to cap the upside for the dip into the 121.22 – 121.96 area.

R3: 125.09

R2: 124.59

R1: 124.20

Pivot: 124.09

S1: 123.60

S2: 122.89

S3: 121.96

Trading recommendation:

Our stop at 124.00 has been hit for a 150 pips profit. We will look for a new buying opportunity in the 121.22 - 121.96 area.

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