Elliott wave analysis of EUR/JPY for March 22, 2019

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EUR/JPY is not really doing anything and has not done that since it hit a high of 125.09 on January 9. Yes it has been slightly above and slightly below this pivot-point since then, but it has not proven any convincing directional bias up or down.

Short-term, we continue to look for a little more corrective downside pressure towards 125.25 as long as minor resistance at 126.27 is able to cap the upside. If, however a direct break above 126.27 is seen, it will indicate, that the next impulsive rally is developing for a break above 126.79 and more importantly above resistance at 127.50 on the way higher to 129.50.

R3: 126.79

R2: 126.50

R1: 126.27

Pivot: 125.95

S1: 125.75

S2: 125.58

S3: 125.25

Trading recommendation:

We are looking for a new buying opportunity at 125.25 or upon a break above 126.27.

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

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