Elliott wave analysis of EUR/JPY for January 7, 2019

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As long as minor support at 122.83 is able to protect the downside as long, should we continue to look for more upside progress towards resistance at 125.78 and possibly even closer to strong resistance near 127.09.

A break below 122.83 will indicate a corrective decline towards the support-area between 120.72 - 121.33 before higher again.

R3: 125.78

R2: 124.88

R1: 124.00

Pivot: 123.41

S1: 122.83

S2: 122.60

S3: 121.95

Trading recommendation:

We are long EUR from 122.50 and we will raise our stop to 122.75.

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