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Elliott wave analysis of EUR/JPY for April 2, 2019

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As long as resistance at 125.01 and more importantly as long as resistance at 126.18 is able to cap the upside, we will continue to look for a dip closer to 120.95 before the ongoing correction is viewed complete and a turn higher through resistance at 126.18 should be expected.

Support is currently seen at 124.14 and a break below here, will add downside pressure towards 12123.65 on the way lower towards 120.95

R3: 125.27

R2: 124.95

R1: 124.75

Pivot: 124.56

S1: 124.12

S2: 123.75

S3: 123.37

Trading recommendation:

We remain short EUR from 124.25 with our stop placed at 126.20.

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