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19.01.201709:05 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for January 19, 2017

Long-term review

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Wave summary:

The break above 121.40 was the first good indication that the correction in wave (iv) was complete. At the same time, the rally to 120.50 does look very constructive. All we need now is confirm that wave (v) has taken over. We should watch out for a break above resistance at 122,42 for a continuation higher to 126,54 as the ideal wave (v) target.

Support is seen at 121.70 and again at 121.30.

R3: 122.94

R2: 122.62

R1: 122.42

Pivot: 121.94

S1: 121,70

S2: 121.30

S3: 120.90

Trading recommendation:

We bought EUR at 121.40 with stop placed at 120.45. If you are not long EUR yet, then buy near 121,70 and use the same stop at 120,45.

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