Elliott wave analysis of EUR/JPY for March 7, 2019

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The correction from 127.50 is still ongoing, but it should just be a matter of time, before a break above short-term important resistance at 126.55 is seen for the next impulsive rally towards 127.50 and 128.40 on the way higher to the 161.8% extension target at 133.54.

Only a break below important support at 125.98 will invalidate our bullish outlook.

R3: 126.92

R2: 126.75

R1: 126.55

Pivot: 126.35

S1: 126.15

S2: 125.98

S3: 125.68

Trading recommendation:

We are long EUR from 124.65 with our stop placed at 125.75. If you are not long EUR yet, the buy a break above 126.55 and use the same stop at 125.75.

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

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