24.02.202110:12 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for February 24, 2021

Exchange Rates 24.02.2021 analysis

EUR/JPY is ready for the next run higher towards the 129.06 target. Once this target is hit, we should see a minor correction/consolidation before the next push higher towards 132.87 and 137.50 as the next more serious upside targets.

Long-term, we continue to look for much higher levels with key-support seen at 127.06

R3: 129.06

R2: 128.65

R1: 128.36

Pivot: 128.26

S1: 128.10

S2: 127.66

S3: 127.06

Trading recommendation:

We are long EUR from 125.85 with our stop placed at 126.85.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Torben Melsted,
Analytical expert
InstaForex Group © 2007-2021
Benefit from analysts’ recommendations right now
Top up trading account
Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

Can't speak right now?
Ask your question in the chat.