Elliott wave analysis of EUR/JPY for April 4, 2019

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EUR/JPY has been trapped in a trading range since mid-January, where the cross traded near 125.00. We are still looking for a deeper correction closer to 123.65 and ideally down to 120.95 as long as key-resistance at 126.18 is able to cap the upside.

Short-term a break below 124.45 would confirm more downside pressure towards 123.65 and below.

Only an unexpected break above 126.18 will shift the bias back towards the upside for a rally to 127.50 and above.

R3: 126.18

R2: 125.75

R1: 125.43

Pivot: 124.92

S1: 124.45

S2: 124.17

S3: 123.65

Trading recommendation:

We are short EUR from 124.25 with our stop placed at 126.20

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

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