Elliott wave analysis of EUR/JPY for April 1, 2019

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EUR/JPY has broken above minor resistance at 124.74, which indicates the corrective consolidation from 123.82 is still developing and likely will cause a minor pop to 125.27 before turning around again towards the downside.

It will take an unexpected break above resistance at 126.18 to shift the bias towards the upside again.

R3: 125.27

R2: 129.95

R1: 124.74

Pivot: 124.56

S1: 124.12

S2: 123.75

S3: 123.37

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