FX.co ★ Elliott wave analysis of EUR/JPY for March 19 - 2015

Technical summary:

The rally of a low of 126.87 looks strong and indicates that wave C is expected to end early at 126.87 instead of the ideal target at 125.98. There is a possibility of a final decline to the level below 126.87 as long as minor resistance at 131.74 protects the upside. At this point, the odds for this outcome seems to be low. A direct break above 131.74 is likely to call for more upside to just above 136.70 in the first impulsive rally.

Trading recommendation:

Our stop at 129.15 was hit for a small loss. We will only buy EUR upon a break above 130.85