FX.co ★ Elliott wave analysis of EUR/JPY for April 9, 2019

The very narrow range-trading continues here. We are going absolutely nowhere.

We continue to favor a break below support at 124.95 for more downside pressure towards 123.65 and longer term ideally closer to 120.95 before this correction is complete and the next up-cycle will take over.

Only an unexpected break above 126.18 will indicate that this next up-cycle already is in motion.

R3: 126.18

R2: 125.75

R1: 125.43

Pivot: 124.94

S1: 124.45

S2: 124.17

S3: 123.65

Trading recommendation:

We are short EUR from 124.25 with our stop placed at 126.20