FX.co ★ Elliott wave analysis of EUR/JPY for March 4, 2019

EUR/JPY continue to strong and we expected more upside towards 128.32 and 129.40 to be seen as EUR/JPY make it's way higher to the 161.8% extension target at 133.55.

Support is seen at 126.58 which ideally will be able to protect the downside for the expected continuation higher to 133.55. If, however support at 126.58 unexpectedly should be broken, then back-up support is seen at 126.25, which should be able to halt the downside correction for the next push higher.

R3: 129.40

R2: 128.32

R1: 127.65

Pivot: 127.03

S1: 126.58

R2: 126.25

S3: 125.87

Trading recommendation:

We are long EUR from 124.65 with our stop placed at 125.75