FX.co ★ Elliott wave analysis of EUR/JPY for February 8, 2021

EUR/JPY is once again ready to challenge the resistance-area between 127.09 - 127.49 and a break above here will open up for a continuation towards 129.24 and ultimately a lot higher towards 135.46 and above. Short-term we see support 126.40 and short-term key-support at 126.07. A break below 126.07 will call for 125.11 before higher again.

R3: 128.25

R2: 127.72

R1: 127.09

Pivot: 126.58

S1: 126.40

S2: 125.92

S3: 125.56

Trading recommendation:

We are long EUR 125.85 and we will move our stop to 126.05 securing a profit not matter what happens.