Elliott wave analysis of EUR/JPY for February 13, 2019

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EUR/JPY has finally broken clearly above minor resistance at 125.07 as we were looking for to confirm that wave ii has completed with the test of 124.18 and wave iii higher to 133.54 now is developing.

Support is now seen at the former resistance at 125.07, which ideally will protect the downside for a rally to and above the former top at 125.95 that calls for a continuation higher to 129.48 and then the 161.8% extension target at 133.54.

R3: 127.09

R2: 126.59

R1: 125.95

Pivot: 125.07

S1: 124.75

S2: 124.45

S3: 124.18

Trading recommendation:

We are long EUR from 124.65 and we will move our stop higher to 124.15.

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