Elliott wave analysis of EUR/JPY for March 15, 2021

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After the break above resistance at 129.54 EUR/JPY has moved nicely higher towards the next upside target seen at 132.16. We now seen support at 129.85 which we expect will hold for a continuation higher towards 132.16 and longer term closer to 135.94 and 149.50 as the next major upside targets.

R3: 131.15

R2: 130.85

R1: 130.50

Pivot: 130.23

S1: 130.05

S2: 129.85

S3: 129.54

Trading recommendation:

We are long EUR from 125.85 and we will move our stop higher to 129.25.

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

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