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19.02.2018 06:45 AM
Elliott wave analysis of EUR/JPY for February 19, 2018

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Wave summary:

EUR/JPY remains lock in a trading range between 131.60 - 133.39. We continue to look for a minor corrective rally closer to 134.73 and maybe even closer to 135.39 to complete the corrective x-wave and set the stage for the next decline to below 131.60 for a move towards 129.30 on the way lower to the ideal (E)-wave target at 123.43.

R3: 133.79

R2: 133.39

R1: 132.45

Pivot: 131.60

S1: 131.20

S2: 130.56

S3: 130.00

Trading recommendation:

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

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