Elliott wave analysis of EUR/JPY for March 15, 2019

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EUR/JPY continues to push higher, but we would like to see upside acceleration out of the channel towards 127.50 on the way higher to 129.25 and the 161.8% extension target at 133.50.

Support is seen at 125.96 which ideally will be above to protect the downside for the next push higher to 127.50. Should support at 125.96 give away, strong back-up support is seen at 125.43.

R3: 127.50

R2: 126.93

R1: 126.57

Pivot: 126.23

S1: 125.96

S2: 125.43

S3: 125.05

Trading recommendation:

We are long EUR from 124.80 and we have our stop placed at 125.25

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

Source:: Elliott wave analysis of EUR/JPY for March 15, 2019

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