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FX.co ★ Elliott wave analysis of EUR/JPY for February 18, 2021

Elliott wave analysis of EUR/JPY for February 18, 2021

Elliott wave analysis of EUR/JPY for February 18, 2021

EUR/JPY has made a temporary top at 128.45 and will likely test key-support near 127.24 before taking off again towards the 129.06 target. Short-term we expect the key-support will protect the downside for a break above minor resistance at 127.98 indicating more upside pressure towards 128.45 and 129.06 as the next minor targets.

Longer term we are looking for much higher levels and the 129.06 target should only prove to be a temporary hurdle on the way higher.

R3: 129.06

R2: 128.75

R1: 128.45

Pivot: 128.00

S1: 127.62

S2: 127.24

S3: 127.05

Trading recommendation:

We are long EUR form 125.85 with our stop placed at 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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