Elliott wave analysis of EUR/JPY for April 11, 2019

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EUR/JPY has failed to follow-through towards the downside and the break above minor resistance at 125.45 indicates that wave ii completed with the test of 123.64 and wave iii higher towards 132.49 now is developing.

Support is now seen at 125.45 and again just below at 125.22.

R3: 127.50

R2: 127.00

R1: 126.17

Pivot: 126.45

S1: 125.22

S2: 124.76

S3: 124.50

Trading recommendation:

Our stop at 125.50 was hit. We will buy EUR at 125.30 or upon a break above 125.65

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

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