FX.co ★ Elliott wave analysis of EUR/JPY for February 11, 2019

The correction in wave ii has extended in time. However, it looks as wave ii is close to being complete and wave iii is ready to take over. A break above minor resistance at 125.07 will indicate that wave iii is developing for a rally towards 129.50 and 133.54 longer term.

That said, we need to accept the possibility of wave c/ of ii/ moving even lower towards 123.20 before completing, but it is not our preferred count.

R3: 125.95

R2: 125.34

R1: 125.07

Pivot: 124.75

S1: 124.45

S2: 124.15

S3: 123.75

Trading recommendation:

We are long EUR from 124.65 with our stop placed at 123.70