FX.co ★ Elliott wave analysis of EUR/JPY for February 13, 2018

Wave summary:

We continue to look for wave x to make more progress towards the upside and ideally closer to resistance near 135.85 before turning lower again for the next decline towards 131.20 on the way lower to the ideal wave (E) target at 123.43.

Short-term support is seen at 133.25, which ideally will protect the downside for a break above minor resistance at 133.79 and more importantly above 134.17 for the expected rally closer to 135.85.

R3: 134.17

R2: 133.96

R1: 133.79

Pivot: 133.41

S1: 133.25

S2: 133.10

S3: 132.86

Trading recommendation:

We are looking for a EUR selling opportunity at 135.00.