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Expert In



Elliott wave analysis of EUR/JPY for April 29, 2019


EUR/JPY has hit a low of 124.09 and we will likely see another dip into the 123.85 - 124.05 area before completing the wave ii and setting up the stage for the next impulsive rally towards 126.85 and above that will call for further upward movement towards 129.35.

Only a direct breakout above minor resistance at 125.18 will indicate that the wave ii already has completed and the wave iii is developing.

R3: 125.58

R2: 125.18

R1: 125.00

Pivot: 124.80

S1: 124.50

S2: 124.09

S3: 123.85

Trading recommendation:

We will buy EUR at 124.50 or upon a breakout above 125.20.

The material has been provided by InstaForex Company -