FX.co ★ Elliott wave analysis of EUR/JPY for January 23, 2019

As long as resistance at 124.93 is able to cap the upside a more complex correction in wave ii remains possible for a second decline to 122.70.

If, however resistance at 124.93 gives away the alternate count comes into play. Under this count wave ii completed already with the dip to 123.40 and wave iii higher to 132.12 developing already.

R3: 126.38

R2: 125.81

R1: 125.19

Pivot: 124.93

S1: 124.55

S2: 124.10

S3: 123.72

Trading recommendation:

We will buy EUR at 123.00 or upon a break above resistance at 124.93