Elliott wave analysis of EUR/JPY for February 26, 2019

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EUR/JPY has finally broken above short-term important resistance at 125.95 for a continuation higher to 128.31 and 130.12 on the way towards the 161.8% extension target at 133.54 in wave iii.

Support is now seen at 125.71 and key-support is at 125.32. The later must protect the downside to keep the bullish outlook intact.

R3: 127.03

R2: 126.53

R1: 126.07

Pivot: 125.71

S1: 125.32

S2: 124.74

S3: 124.15

Trading recommendation:

We are long EUR from 124.65 and we will move our stop higher to 125.25.

The material has been provided by InstaForex Company - www.instaforex.com

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