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18.02.202007:39 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for February 18, 2020

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The downside pressure from 122.88 continues as EUR/JPY has made a new lower low at 118.70. On the other hand, we are seeing a clear loss of downside momentum which indicates a bottom should be in place soon. Short-term a break above minor resistance at 119.27 is needed to signal a bottom is in place, while a break above resistance at 119.61 is needed to confirm that wave 2 has completed and wave three to above 122.88 is developing.

R3: 119.75

R2: 119.55

R1: 119.27

Pivot: 118.98

S1: 118.70

S2: 118.55

S3: 118.35

Trading recommendation:

We are long EUR from 119.35 with a 118.35 stop.

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