FX.co ★ Elliott wave analysis of EUR/JPY for April 1 - 2016

Wave summary

We are still looking for the final leg higher towards 128.91 to terminate wave iv and set the stage for the decline in wave v towards the ideal long term target at 117.38.

Short term support at 126.94 should support the downside for the rally to 128.91.

Trading recommendation:

We are long in EUR from 127.35 and will move our stop higher to 126.90. Take profit + reverse will be placed at 128.75.