FX.co ★ Elliott wave analysis of EUR/JPY for February 28, 2019

EUR/JPY continue to work its way higher, with the major target being the 161.8 extension target at 133.55. On the way higher the next minor target to aim for, is seen at 128.32 and 129.46.

Support is now seen at 125.51 which is expected to protect the downside for a clear break above minor resistance at 126.30 for the rally closer to 128.32.

R3: 127.65

R2: 127.03

R1: 126.30

Pivot: 125.51

S1: 125.32

S2: 124.74

S3: 124.15

Trading recommendation:

We are long EUR from 124.65 with our stop placed at 125.25.