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FX.co ★ Elliott wave analysis of EUR/JPY for February 17, 2021

Elliott wave analysis of EUR/JPY for February 17, 2021

Elliott wave analysis of EUR/JPY for February 17, 2021

EUR/JPY is likely to continue to move higher towards the next minor upside target at 129.06 and ultimately towards 133.35 and above. In the short-term, we see support at 127.62 with key-support at 127.24, which may protect the downside for the expected rise higher towards 129.06 and above.

R3: 129.06

R2: 128.75

R1: 128.48

Pivot: 128.00

S1: 127.62

S2: 127.24

S3: 127.05

Trading recommendation:

We are long EUR from 125.85 and we will move our stop higher to 126.85

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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