FX.co ★ Elliott wave analysis of EUR/JPY for January 4, 2017

Wave summary:

The complex correction in wave (iv) continues to unfold in a very slow fashion. We are still looking for the possibility of a deeper corrective decline closer to 119.23. Since it is a wave four correction and we had a good idea that it would turn out to be complex from the onset of this wave, so no real surprise here.

Resistance is seen at 123.33, but only a break above 123.85 will indicate that this wave (iv) correction already has completed and wave (v) higher to 126.54 is developing.

Trading recommendation:

We are looking for a buying opportunity at 119.45 or upon a break above 123.85.