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Elliott wave analysis of EUR/JPY for March 28, 2019

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We have seen the expected break below support at 124.20 indicating more downside pressure towards 123.37 and 122. 62 on the way towards the 120.95 where a bottom is expected.

Short-term resistance is seen at 124.42 with back-up resistance at 124.74. On a break above the later, will ease the immediate downside pressure and call for a move closer to 125.27 before lower again.

R3: 125.27

R2: 125.00

R1: 124.75

Pivot: 124.42

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