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

analytics5c9cedaa14e04.png

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