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13.01.201708:17 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for January 13, 2017

Long-term review

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Wave summary;

A low has been seen at 121.16 and a break above minor resistance at 122.33 and more importantly a break above resistance at 122.62 will confirm that the complex correction from 123.19 is complete and a rally towards 126.54 is unfolding. If, however minor resistance at 122.33 is able to cap the upside for a break below minor support at 121.29 the more downside pressure towards 118.37 could be seen. This later outcome is not our preferred view, but for now it can not be excluded.

R3: 122,94

R2: 122.62

R1: 122.33

Pivot: 122.00

S1: 121.87

S2: 121.55

S3: 121.29

Trading recommendation:

We will buy EUR upon a break above 122.33 with stop placed at 121.05.

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