Elliott wave analysis of EUR/JPY for January 9, 2017

Wave summary:

The triangle consolidation we have been tracking in wave (iv) completed with the test of 122.18 and wave (v) higher towards 126.54 is now ready to unfold. In the short term, a break above minor resistance at 123.85 confirms that wave (v) is unfolding towards 126.54 to complete the raly in wave 3 from 112.05.

Short-term support is now seen at 123.09 and again at 122.60.

R3: 125.00

R2: 124.44

R1: 123.85

Pivot: 123.61

S1: 123.09

S2: 122.60

S3: 122.00

Trading recommendation:

We are long EUR from 123.13 with stop placed at 121,90. If you are not long EUR yet, then buy near 123,09 or upon a break above 123.85 and use the same stop at 121.90.

The material has been provided by InstaForex Company - www.instaforex.com

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