Elliott wave analysis of EUR/JPY for April 16, 2019


After a nice run up from 124.76 EUR/JPY is consolidating in a narrow range between 126.15 - 126.80. Once this consolidation is complete, we will be looking for a break above minor resistance at 126.80 for a continuation higher towards 128.50 and 129.50 as the next upside targets.

Ideally support at 126.15 will be able to protect the downside, but if broken a dip to 125.65 should be expected before up again.

R3: 127.50

R2: 127.00

R1: 126.80

Pivot: 126.15

S1: 126.00

S2: 126.65

S3: 125.45

Trading recommendation:

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

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

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