Elliott wave analysis of EUR/JPY for February 15, 2021

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EUR/JPY has finally broken clearly above the resistance area between 127.09 - 127.49 indicating more upside pressure towards the next upside target at 129.06 and ultimately above here to for much higher levels. That said, resistance seen at 129.06 likely will be a tough nut to crack.

Support is now seen at 129.49 and again at 127.12. We expect the later to be able to protect the downside as EUR/JPY continues higher towards 1279.06.

R3: 128.55

R2: 128.25

R1: 127.72

Pivot: 127,49

S1: 127.12

S2: 127.05

S3: 126.90

Trading recommendation:

We are long EUR from 125.85 and we will move our stop higher to 126.90

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