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22.02.201907:36 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for February 22, 2019

Long-term review
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Exchange Rates 22.02.2019 analysis

Our bullish bias remains firmly in place, for a break above resistance at 125.95 for a continuation towards 128.31 on the way higher to 129.46 and the 161.8% extension target at 133.54.

Trading the last 24 hours has be non eventful as a sideways consolidation between 125.33 and 125.95 is dragging on. It should just be a matter of time before the underlying bullish trend is resumed for a break above 125.95.

Support is seen at 125.33 and again at 124.74

R3: 127.03

R2: 126.53

R1: 125.95

Pivot: 125.33

S1: 124.74

S2: 124.15

S3: 123.90

Trading recommendation:

We are long EUR from 124.65 with our stop placed at break-even at 124.65.

Torben Melsted
Analytical expert of InstaForex
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