FX.co ★ Elliott wave analysis of EUR/JPY for February 12, 2021

EUR/JPY has tested the S/H/S bottom neckline at 127.09 multiple times, which often is followed by a violent break above the neckline and rush higher to the next upside target of 129.06. We still need a clear break above the neckline resistance at 127.09 to activate the bottom-formation.

Support is seen at 126.70 and then at 126.43.

R3: 128.25

R2: 127.72

R1: 127.50

Pivot: 127.09

S1: 126.70

S2: 126.43

S3: 125.92

Trading recommendation:

We are long EUR from 125.85 with our stop placed at 126.05