Elliott wave analysis of EUR/JPY for February 11, 2019

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The correction in wave ii has extended in time. However, it looks as wave ii is close to being complete and wave iii is ready to take over. A break above minor resistance at 125.07 will indicate that wave iii is developing for a rally towards 129.50 and 133.54 longer term.

That said, we need to accept the possibility of wave c/ of ii/ moving even lower towards 123.20 before completing, but it is not our preferred count.

R3: 125.95

R2: 125.34

R1: 125.07

Pivot: 124.75

S1: 124.45

S2: 124.15

S3: 123.75

Trading recommendation:

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

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