Elliott wave analysis of EUR/JPY for March 13, 2019

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EUR/JPY seems to have reeached the bottom and it is moving higher again towards the channel-top near 127.75 and a break above this channel-top is ultimately expected for upside acceleration closer to the 161.8% extension target at 133.54.

Key support is seen at 124.25 and only an unexpected break below here will invalidate our bullish outlook and shift our preferred count.

R3: 126.92

R2: 126.53

R1: 125.86

Pivot: 125.23

S1: 124.78

S2: 124.45

S3: 124.25

Trading recommendation:

We are long EUR from 124.80 and we will keep out stop+revers at 124.15.

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