Elliott wave analysis of EUR/JPY for February 3, 2021

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EUR/JPY was rejected from the key-resistance at 127.03 indicating a correction to 125.92 before renewed upside pressure towards 127.03 and above here will call for a continuation higher towards 129.24 and ideally closer to the next major upside target at 135.46.

Short-term we see support at 125.92 and key-support at 125.56, which need to act as a floor or a second dip to 125.06 should be expected before the next rally is seen.

R3: 128.25

R2: 127.72

R1: 127.03

Pivot: 126.58

S1: 125.92

S2: 125.56

S3: 125.24

Trading recommendation:

We are long EUR from 125.85 with our stop placed at 125.50

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

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