FX.co ★ Elliott wave analysis of EUR/JPY for January 30, 2018

Wave summary:

The correction in wave ii/ continues to develop nice and slow for an expected dip to 1.6800 before wave iii/ takes over for a rally towards 1.7360 on the way higher to 1.7479 and 1.7777.

Short-term a minor resistance is seen at 1.6957 and only a break above here will indicate that wave ii/ has completed and wave iii/ is developing.

R3: 1.7150

R2: 1.7064

R1: 1.7013

Pivot: 1.6857

S1: 1.6803

S2: 1.6740

S3: 1.6707

Trading recommendation:

We are long EUR from 1.6695 with stop at break-even.