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