Elliott wave analysis of EUR/JPY for April 2, 2019

analytics5ca383a43bdad.png

As long as resistance at 125.01 and more importantly as long as resistance at 126.18 is able to cap the upside, we will continue to look for a dip closer to 120.95 before the ongoing correction is viewed complete and a turn higher through resistance at 126.18 should be expected.

Support is currently seen at 124.14 and a break below here, will add downside pressure towards 12123.65 on the way lower towards 120.95

R3: 125.27

R2: 124.95

R1: 124.75

Pivot: 124.56

S1: 124.12

S2: 123.75

S3: 123.37

Trading recommendation:

We remain short EUR from 124.25 with our stop placed at 126.20.

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

Comments