FX.co ★ Elliott wave analysis of EUR/JPY for April 21 - 2015

Technical summary:

Red wave ii is currently unfolding towards 126.73. Once red wave ii is over near 126.73, a strong acceleration towards 131.30 and likely slightly above iis expected n red wave iii.

In the short term, I am looking for minor resistance at 128.47 protecting the upside for a break below support at 127.86 and below support at 127.57. That is likely to confirm red wave c lower towards 126.73 from where we should look for a move higher again.

Trading recommendation:

Our stop at 127.70 was hit for a nice little profit. We will buy EUR again at 126.80 or upon a break above 128.48 (one order done cancels the other). Stop will be placed at 126.00