FX.co ★ Elliott wave analysis of EUR/JPY for January 25, 2019

Finally, EUR/JPY dipped towards support in the 122.70 – 123.37 area, from where the next impulsive rally towards 132.12 is expected to take hold.

Only a direct break above minor resistance at 124.65, will indicate wave ii to be complete and wave iii developing towards the 132.12 target.

R3: 125.19

R2: 124.93

R1: 124.65

Pivot: 124.21

S1: 124.10

S2: 123.78

S3: 123.37

Trading recommendation:

We will buy EUR at 123.40 or upon a break above 124.65