Elliott wave analysis of EUR/JPY for Januar 19, 2018

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Wave summary:

Of course the “top” at 136.10 needed to be broken slightly, the new corrective top has been seen at 136.31. This should do the job and complete the corrective rally from 133.01 and turn prices lower towards 131.11 as the next downside target.

Short-term a break below minor support at 135.42 will indicate wave B has completed and wave C lower is developing.

R3: 136.64

R2: 136.31

R1: 136.05

Pivot: 135.42

S1: 135.11

S2: 134.95

S3: 134.75

We are short EUR from 134.74 with stop placed at 136.75.

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

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