FX.co ★ Elliott wave analysis of EUR/JPY for April 13 - 2016

Wave summary:

We are still locked inside the triangle consolidation and we remain on the outlook for a thrust out of the triangle towards the downside for a decline to 120.98. A break below minor support at 123.15 will indicate that the expected thrust is being seen for a decline to 120.98 in red wave iii.

Resistance at 124.00 should protect the upside at any time.

Trading recommendation:

Our stop at 123.80 was hit for a nice profit. We will sell EUR here at 123.76 with stop placed at 124.10 and take profit at 121.05.