Elliott wave analysis of EUR/JPY for January 3, 2017

Wave summary:

We continue to look for a deeper correction in wave (iv). This correction will ideally make it lower to the 38.2% corrective target at 119.23 from where the final impulsive rally in wave (v) of 3 should be seen for a rally towards 126.54.

Short-term minor resistance is seen at 123.55 and just above at 123.85.

Trading recommendation:

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

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