FX.co ★ Elliott wave analysis of EUR/JPY for January 20, 2017

Wave summary:

We have seen a nice impulsive rally from 120.50 to 122.75 indicating that a new rally to above 124.09 is unfolding. Short term, we could see a minor set-back towards 121.75 before the next impulsive rally higher towards at least 123.97 and possibly even closer to 125.34 should be expected.

Our long-term target for wave v and 3 is still seen at 126.54.

R3: 123,73

R2: 122,93

R1: 122,75

Pivot: 122,41

S1: 122.26

S2: 122.05

S3: 121.75

Trading recommendation:

We are long EUR from 121.40 with stop placed at 120.45. If you are nor long EUR yet, then buy near 121.75 and use the same stop at 120.45