Elliott wave analysis of EUR/JPY for January 22, 2018

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Wave summary:

As expected a B-wave top was close by. We still need a firm break below 134.95 to confirm that wave B has peaked and wave C lower to 131.11 is developing.

Short-term resistance is seen at 136.05 and again at the b-wave peak at 136.31.

R3: 136.64

R2: 136.31

R3: 136.05

Pivot: 134.95

S1: 134.75

S2: 134.36

S3: 133.91

Trading recommendation:

We are short EUR from 134.74 with our stop placed at 136.75.

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