Elliott wave analysis of EUR/JPY for April 10, 2019

analytics5cae1138392bc.png

EUR/JPY is finally breaking out of the narrow trading-rang and as we suspected, it breaks to the downside. A clear break below support at 124.94 will confirm a continuation lower to 123.65 and ultimately we will be looking for a decline to 120.95.

Only an unexpected break back above 125.45 will shift the bias towards the upside and a rally towards 127.50 and above.

R3: 126.18

R2: 125.75

R1: 125.45

Pivot: 125.10

S1: 124.94

S2: 124.17

S3: 123.65

Trading recommendation:

We are short EUR from 124.25 and we will move our stop lower to 125.50

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

Source:: Elliott wave analysis of EUR/JPY for April 10, 2019

About the Author
InstaForex brand was created in 2007 and at the moment it’s a top choice of more than 2,000,000 traders. More than 1,000 clients open accounts with InstaForex every day. All InstaForex clients get great opportunities for effective trading on the forex market, as well as on-time technical and customer support

Related Posts

Leave a Reply

*