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FX.co ★ Elliott wave analysis of EUR/JPY for April 1 - 2015

Elliott wave analysis of EUR/JPY for April 1 - 2015

Elliott wave analysis of EUR/JPY for April 1 - 2015

Technical summary:

EUR/JPY continues to move lower, but we still need a break below important short-term support at 128.33 to confirm a new test of 126.87 and more importantly new lows near 125.98. In the short term, only a break above 130.41 will call for the expected downside pressure. A break above resistance at 131.41 is going to signal that a premature bottom is found at 126.87 and a new impulsive rally to above 149.55 is developing.

Trading recommendation:

We are short EUR from 129.85 and will keep our stop+reverse at 130.40

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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