FX.co ★ Elliott wave analysis of EUR/JPY for March 5, 2019

The minor correction from 127.50 is likely near its completion and the next push higher to 128.32 and 129.40 should be expected soon. A break above minor resistance at 126.98 will indicate, that this minor correction has completed and the next impulsive rally higher to 128.32 is in motion.

Support is now seen in the 126.42 - 126.57 area, which we expect will protect the downside for a break above 126.98.

R3: 128.32

R2: 127.65

R1: 126.98

Pivot: 126.42

S1: 126.25

S2: 125.87

S3: 125.68

Trading recommendation:

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