Elliott wave analysis of EUR/JPY for February 20, 2019


EUR/JPY is set to break above resistance at 125.95. A clear break above this resistance will call for a continuation higher towards 129.48 and ultimately a rally to the 161.8% extension target at 133.54 in wave iii.

Support is now seen at 125.25 and key support is seen at 124.76 which must be able to protect the downside to keep the preferred bullish outlook in place

R3: 127.09

R2: 126.50

R1: 125.95

Pivot: 125.25

S1: 124.76

S2: 124.21

S3: 123.75

Trading recommendation:

We are long EUR from 124.65 and we will raise our stop to break-even at 124.65.

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

Source:: Elliott wave analysis of EUR/JPY for February 20, 2019

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