Elliott wave analysis of EUR/JPY for March 14, 2019

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EUR/JPY is now testing the channel-top and we expect it will break through the channel-top and accelerate higher towards 127.50 on its way to the 161.8% extension target at 133.54. On the way higher solid resistance will be found near 129.25 but this should ultimately be overcome too.

Support is now seen in the 125.42 - 125.64 area, which is expect will protect the downside.

R3: 127.26

R2: 126.92

R1: 126.53

Pivot: 126.17

S1: 125.98

S2: 125.64

S3: 125.42

Trading recommendation:

We are long EUR from 124.80 and we will move our stop higher to 125.25

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