FX.co ★ Elliott wave analysis of EUR/JPY for January 17, 2018

Wave summary:

No change in our view.

We are looking for a break below minor support at 134.95 to confirm that wave B has completed and wave C lower to 131.11 is developing. Short-term a re-test of the resistance at 136.10 could be seen, but this resistance is expected to cap the upside for a break below 134.95 confirming more downside pressure is developing.

R3: 136.64

R2: 136.32

R1: 136.10

Pivot: 135.25

S1: 134.95

S2: 134.80

S3: 134.35

Trading recommendation:

We are short EUR from 134.74 with stop placed at 136.75. Upon a break below 135.00 we will move our stop lower to 136.15.