FX.co ★ Elliott wave analysis of EUR/JPY for February 20, 2019

EUR/JPY is set to break above resistance at 125.95. A clear break above this resistance will call for a continuation higher towards 129.48 and ultimately a rally to the 161.8% extension target at 133.54 in wave iii.

Support is now seen at 125.25 and key support is seen at 124.76 which must be able to protect the downside to keep the preferred bullish outlook in place

R3: 127.09

R2: 126.50

R1: 125.95

Pivot: 125.25

S1: 124.76

S2: 124.21

S3: 123.75

Trading recommendation:

We are long EUR from 124.65 and we will raise our stop to break-even at 124.65.