Elliott wave analysis of EUR/JPY for March 1, 2019

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EUR/JPY is picking up speed with the break above minor resistance at 126.30. The additional upside momentum, will most likely make EUR/JPY break right through minor resistance at 127.09 for a continuation higher to 128.32 and 129.40 on the way higher to the 161.8% extension target at 133.55.

Support is now seen at 126.58 with key-support at 125.87.

R3: 129.40

R2: 128.32

R1: 127.65

Pivot: 127.03

S1: 126.58

S2: 126.30

S3: 125.87

Trading recommendation:

We are long EUR from 124.65 and we will raise our stop to 125.75.

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

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