Elliott wave analysis of EUR/JPY for March 25, 2019

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The break below key-support at 124.25 has shifted the short-term bias towards the downside for a decline closer to 120.95.

Short-term, we could see a minor recovery towards 125.00 and maybe even closer to 125.27 before renewed downside pressure is expected. A break below minor support at 124.25 will confirm the next downside pressure has begun.

R3: 125.25

R2: 125.00

R1: 124.75

Pivot: 124.25

S1: 123.75

S2: 122.62

S3: 122.30

Trading recommendation:

Our stop+revers at 124.25 was hit and we have placed our new stop at 126.20.

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