Elliott wave analysis of EUR/JPY for February 24, 2019

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The longer EUR/JPY stays near short-term important resistance at 124.93 the higher the possibility for a push higher towards 126.59 as the next upside target on the way towards 132.12.

Short-term only a dip back below 124.37 will again open up for a deeper correction in wave ii towards 123.37 and maybe even closer to 122.70 to complete wave ii.

R3: 126.59

R2: 125.81

R1: 125.19

Pivot: 124.93

S1: 124.55

S2: 124.10

S3: 123.72

Trading recommendation:

We will buy EUR at 123.00 or upon a break above 124.93

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