FX.co ★ Elliott wave analysis of EUR/JPY for April 8 - 2016

Wave summary;

We continue to look for a decline to 120.98 (red wave iii), where red wave iii will be 161.8% longer than red wave i. Once red wave iii is in place near 120.98 a correction/consolidation in red wave iv should be seen before the final decline in red wave v lower towards 117.37.

In the short term, a break below minor support at 122.95 will confirm the decline towards 120.98 to end red wave iii.

Trading recommendation:

We are short in EUR from 127.35 and will move our stop lower to 124.70. Upon a break below 122.95 we will move our stop lower to 124.00. We will take profit at 121.05.