FX.co ★ Elliott wave analysis of EUR/JPY for January 11, 2019

As long as support at 124.12 is able to protect the downside, we should continue to look for more upside pressure towards the ideally target for wave i at 127.09.

Short-term we need a break above minor resistance at 124.93 is confirm continuation higher to the 127.09 target from where a more substantial corrective decline is expected. Only a direct break below key support at 124.12 will tell us, that a premature top for wave i already has been seen and a corrective decline into the support-area between 121.22 - 121.92 is developing.

R3: 126.58

R2: 125.90

R1: 124.93

Pivot: 124.45

S1: 124.12

S2: 123.80

S3: 123.39

Trading recommendation:

We are long EUR from 122.50 with our stop placed at 124.00