FX.co ★ Elliott wave analysis of EUR/JPY for January 8, 2019

EUR/JPY continues to work its way higher. We expect minor support 124.28 max. 123.39 will be able to protect the downside for a continuation through minor resistance at 124.89 towards 125.55 and ideally closer to 127.01 where strong resistance is seen.

Only a break below support at 123.39 be be cause of concern and could indicate a deep retracement towards the 121.13 - 121.88 area.

R3: 127.09

R2: 126.16

R1: 125.19

Pivot: 124.89

S1: 124.28

S2: 124.00

S3: 123.39

Trading recommendation:

We are long EUR from 122.50 and we will raise our stop to 123.25