Elliott wave analysis of EUR/JPY for April 25, 2019


EUR/JPY continues to push lower indicating that a more complex wave ii correction is developing. This suggests the more downside pressure towards the support area between 123.85 - 124.05 before the wave ii completes and the wave iii goes up towards at least 132.49.

Only a direct breakout above minor resistance at 125.58 will indicate that the wave ii has completed and the wave iii is developing.

R3: 126.00

R2: 125.58

R1: 125.25

Pivot: 125.10

S1: 124.80

S2: 124.50

S3: 124.05

Trading recommendation:

Our stop at 125.25 has been hit, for a small loss. We will re-buy EUR at 124.05 or upon a breakout above 125.58.

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