FX.co ★ Elliott wave analysis of EUR/JPY for April 15, 2019

EUR/JPY has broken clearly above the minor resistance line at 125.91 and, what is more important, it breached the resistance line near 126.00. So, it indicates more upside movement to come. The next major target is seen near 129.50, but this resistance should only be able to cap the upside temporally as a further rise is still expected for this cross towards 135.50.

Support is now seen at 126.45 and again at 125.65.

R3: 127.50

R2: 127.00

R1: 126.75

Pivot: 126.45

S1: 126.00

S2: 125.65

S3: 125.40

Trading recommendation:

We are long on EUR from 125.65 and we will move our stop higher to 125.25.