FX.co ★ Elliott wave analysis of EUR/JPY for April 29 - 2016

Wave summary;

It has become a "Make it or break it" time. The low at 121.69 should be able to protect the downside, or our count will be wrong and will have to be ajusted. We will be looking for a break above minor resistance at 122.52 as the first good indication that a low is in place for wave ii, while a break above resistance at 122.88 and, more importantly, a break above 123.22 is needed to confirm the low and a new rally higher.

The risk is clearly a break below the 121.69 low that will call for more downside closer to 117.44 and, of course, force a re-count.

Trading recommendation:

We are long in EUR from 122.85 with stop placed at 121.65