FX.co ★ Elliott wave analysis of EUR/JPY for February 19, 2019

The complex correction in wave ii continues to use up time as it moves sideways. To break out of this deadlock, we need a clear break above minor resistance at 125.54 that will yield a rally higher to 125.95 on the way higher to 129.48 and ultimately towards 133.54.

Support is seen at 124.67 and key-support is at 124.38 a break below the later, will extend the correction in wave ii even more.

R3: 125.95

R2: 125.46

R1: 125.09

Pivot: 124.85

S1: 124.67

S2: 124.38

S3: 124.15

Trading recommendation:

We are long EUR from 124.65 with our stop placed at 124.15