Elliott wave analysis of EUR/JPY for March 27, 2019

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We continue to look for a break below minor support at 124.20 confirming more downside pressure towards 123.37 on the way towards the 120.95 target.

Resistance is now seen at 124.70 and the at 125.00. We do expect minor resistance at 124.70 will be able to cap the upside for more downside pressure.

R3: 125.25

R2: 125.00

R1: 124.70

Pivot: 124.20

S1: 123.75

S2: 123.37

S3: 122.62

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