FX.co ★ Elliott wave analysis of EUR/JPY for February 25, 2021

EUR/JPY is now testing the 129.06 target and we should expect a temporary correction/consolidation before the next push higher towards 130.01 as the next minor upside target. Longer-term we continue to look for much higher levels at the unfolding uptrend gathers upside momentum.

Support is currently located in the 128.15 - 128.42 area.

R3: 130.01

R2: 129.84

R1: 129.38

Pivot: 129.06

S1: 128.85

S2: 128.67

S3: 128.35

Trading recommendation:

We are long EUR from 125.85 with our stop placed at 126.85