FX.co ★ Elliott wave analysis of EUR/JPY for January 29, 2021

EUR/JPY continues to hover around the triangle resistance-line. We continue to look for a clear break above here for a continuation higher through minor resistance at 127.50 confirming more upside pressure towards 133.13 and 136.30 as the next upside targets and ultimately much higher levels remains expected.

Support is currently seen 126.15 and 125.56. We expect the later to be able to protect the downside or renewed downside pressure should be expected for a dip to 124.55 and maybe even closer to 123.85.

R3: 128.25

R2: 127.72

R1: 127.03

Pivot: 126.58

S1: 126.15

S2: 125.56

S3: 125.24

Trading recommendation: We are long EUR from 125.85 with our stop+revers placed at 125.50