FX.co ★ Elliott wave analysis of EUR/JPY for January 29, 2019

EUR/JPY has traded sideways and will ideally stay above minor support at 124.60 for the next impulsive rally towards 127.10 and 128.29 on the way higher to 132.12.

A break below 124.60 will call for a move to 124.24 before starting to move higher, but under no circumstance can a break below 123.78 be allowed under this count.

R3: 126.93

R2: 125.95

R1: 124.97

Pivot: 124.60

S1: 124.24

S2: 123.78

S3: 123.37

Trading recommendation:

We are long EUR from 124.65 with our stop placed at 123.70.