Elliott wave analysis of EUR/JPY for April 24, 2019

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The EUR/JPY pair is testing the support line from 118.72 which is currently located near 125.20. This support should ideally be able to protect the downside for renewed strength through the minor resistance at 125.88 to continue the upward movement to 127.50 on the way higher to 129.30.

A breakout below 125.20 will be frustrating. Only a breakout below support at 124.87 will shift the bias towards the downside.

R3: 126.10

R2: 125.87

R1: 125.60

Pivot: 125.42

S1: 125.25

S2: 124.87

S3: 124.37

Trading recommendation:

We are long EUR from 125.65 with our stop loss order placed at 125.25.

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

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