Elliott wave analysis of EUR/JPY for February 14, 2019

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EUR/JPY dipped to just below the ideal support at 125.07 (the low came in at 124.83). Renewed upside pressure is now expected for a break above 125.54, that yields a continuation higher towards 125.95 and 129..48 on the way towards the extension target at 133.54.

Support at 124.83 should protect the downside for the rally above 125.54.

R3: 127.09

R2: 126.59

R1: 125.95

Pivot: 125.53

S1: 124.83

S2: 124.45

S3: 124.18

Trading recommendation:

We are long EUR from 124.65 with our stop placed at 124.15

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