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

Short-term important resistance at 125.95 is still capping the upside. We continue to believe, that it is only a matter of time, before this resistance gives away and the next impulsive rally higher towards 128.31 and 129.46 on the way higher to the 161.8% extension target at 133.54.

Support is now seen at 125.33 with key-support at 124.74.

R3: 127.03

R2: 126.53

R1: 125.95

Pivot: 125.33

S1: 124.74

S2: 124.15

S3: 123.90

Trading recommendation:

We are long EUR from 124.65 with our stop placed at break-even at 124.65