FX.co ★ Elliott wave analysis of EUR/JPY for March 11, 2019

The pivot-point at 124.17 has protected the downside and all that is needed now is a clear break above minor resistance at 124.95 to confirm that a low is in place for renewed upside pressure towards 125.75 and above here It will call for a rally towards 127.50 on the way higher to the 161.8% extension target at 133.54.

A break below the pivot-point at 124.17 will invalidate the bullish outlook and call for more downside pressure towards 123.37 and possible lower to 122.10.

R3: 125.34

R2: 125.02

R1: 124.95

Pivot: 124.17

S1: 123.76

S2: 123.37

S3: 123.15

Trading recommendation:

We bought EUR at 124.80 and has placed our stop+revers at 124.10.