Elliott wave analysis of EUR/JPY for March 20, 2019

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We continue to look for a clear break above minor resistance at 126.75 for a continuation higher to 129.50 and ultimately closer to the 161.8% extension target at 133.50.

Support is now seen at 126.37 with back-up support at 126.05 which ideally will protect the downside for the next impulsive rally higher.

R3: 126.93

R2: 126.75

R1: 126.57

Pivot: 126.37

S1: 126.05

S2: 125.69

S3: 125.43

Trading recommendation:

We remain long EUR from 124.80 and we will raise our stop to 125.80.

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

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