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20.02.201807:30 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for February 20, 2018

Long-term review

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Wave summary:

We continue to look for a corrective pop into the 134.73 - 135.39 area before the next strong decline towards 129.30 on the way lower to 123.43 is seen.

The short-term support at 131.70 is expected to protect the downside for a break above the minor resistance at 132.62, that calls for the expected corrective rally higher to 134.73.

R3: 133.79

R2: 133.39

R1: 132.45

Pivot: 131.85

S1: 131.60

S2: 131.20

S3: 130.56

Trading recommendation:

We are long EUR from 132.70 with stop placed at 131.50 and take profit at 134.50

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