Elliott wave analysis of EUR/JPY for March 26, 2019

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

Minor resistance is now seen at 125.00, which we expected will be able to cap the upside for a break below minor support at 124.25 confirming renewed downside pressure towards the 120.95 target.

R3: 125.70

R2: 125.25

R1: 124.69

Pivot: 124.25

S1: 123.75

S2: 123.04

S2: 122.62

S3: 122.21

Trading recommendation:

We are short EUR from 124.25 with our stop placed at 126.20

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