Elliott wave analysis of EUR/JPY for March 12, 2019

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Important support at 124.17 did protect the downside for a break above minor resistance at 124.95 indicating that a corrective low is in place and a new impulsive rally should be under way for a break above resistance at 126.53 and 127.50 on the way higher to 133.54.

The key support remains at 124.17 and it needs to continue to protect the downside to keep the bullish count alive.

R3: 126.92

R2: 126.53

R1: 125.86

Pivot: 125.20

S1: 124.78

S2: 124.45

S3: 124.17

Trading recommendation:

We bought EUR at 124.80 with our stop+revers placed at 124.15.

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