FX.co ★ Elliott wave analysis of EUR/JPY for January 2, 2018

Wave summary:

EUR/JPY continues to work its way higher towards the ideal target for wave (D) seen at 137.37. Minor support at 134.84 should now be able to protect the downside for the expected rally higher.

A break below minor support at 134.84 will indicate exhaustion of wave (D), while a break below support at 133.89 will confirm wave (D) has completed and wave (E) towards 123.43 is developing.

R3: 136.55

R2: 136.05

R1: 135.75

Pivot: 134.84

S1: 134.58

S2: 133.89

S3: 133.58

Trading recommendation:

We are long EUR from 134.10. We will move our stop higher from 134.10 to 134.75