Elliott wave analysis of EUR/JPY for April 10, 2019

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EUR/JPY is finally breaking out of the narrow trading-rang and as we suspected, it breaks to the downside. A clear break below support at 124.94 will confirm a continuation lower to 123.65 and ultimately we will be looking for a decline to 120.95.

Only an unexpected break back above 125.45 will shift the bias towards the upside and a rally towards 127.50 and above.

R3: 126.18

R2: 125.75

R1: 125.45

Pivot: 125.10

S1: 124.94

S2: 124.17

S3: 123.65

Trading recommendation:

We are short EUR from 124.25 and we will move our stop lower to 125.50

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

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