Elliott wave analysis of EUR/JPY for Feb 12, 2020


We still see the possibility for a minor pop to 120.17 before renewed downside pressure towards the target-zone between 118.85 – 119.24 to complete wave 2 and setting the stage for the next impulsive rally higher.

The decline in wave 2 has already fulfilled all requirements for the ongoing wave 2, so it is only a question of time now before the low of wave 2 is in place and a new impulsive rally in wave 3 starts to develop.

R3: 120.38

R2: 120.17

R1: 119.98

Pivot: 119.79

S1: 119.65

S2: 119.50

S3: 119.24

Trading recommendation:

We are short EUR from 120.40 and we will keep our stop+revers at 120.65 and take profit+revers at 119.35.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Elliott wave analysis of EUR/JPY for February 12, 2020

Won't your trader friends like this?
About the Author
InstaForex brand was created in 2007 and at the moment it’s a top choice of more than 2,000,000 traders. More than 1,000 clients open accounts with InstaForex every day. All InstaForex clients get great opportunities for effective trading on the forex market, as well as on-time technical and customer support

Related Posts

Leave a Reply