FX.co ★ Elliott wave analysis of EUR/JPY for February 21, 2018

Wave Summary:

EUR/JPY is finally moving higher towards the expected target area between 134.73 – 135.36 from where a new strong decline towards 129.30 and 127.52 should be seen on the way towards the ideal (E) target at 123.43.

R3: 134.18

R2: 133.79

R1: 133.34

Pivot: 132.85

S1: 132.60

S2: 132.38

S3: 132.07

Trading recommendation:

We are long EUR from 132.70, and we will move our stop higher to 132.00 and keep our take profit at 134.50.