EUR/JPY analysis for February 12, 2019

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EUR/JPY has been trading sideways at the price of 124.63. According to the H1 time frame, I found a potential end of the upward correction (ABC), which is a sign that buying looks risky. I found a downward movement in the background, so watch for potential selling opportunities. The breakout of the support at 124.48 will confirm a potential test of 123.77. The key intraday resistance is set at the price of 124.85.

Trading recommendation: We will sell EUR/JPY if we see a breakout of the support 124.48 with a target at 123.77 and protective stop at 124.90.

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