FX.co ★ Elliott wave analysis of EUR/JPY for February 11, 2020

EUR/JPY has made a new low for the correction in wave 2 (low has been 119.65) which confirms our count and that more downside pressure into the 118.85 - 119.24 target-zone still should be expected. Short-term, we should see a minor pop to 120.17 before the final dip into the target-area.

Only a direct break above key-resistance at 120.56 will indicate that wave 2 already has completed and wave 3 is ready to unfold.

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. We will take profit at 119.35