FX.co ★ Elliott wave analysis of EUR/JPY for April 26 - 2016

Wave summary:

No change in view here.

We continue to look for a continuation higher towards 127.77 as the first upside target for red wave iii. Short-term support is seen at 124.81, but we must still allow for a more complex correction that could move as low as 124.27 before a break above 125.54 confirms a continuation towards 127.77 and maybe even higher.

Trading recommendation:

We are long in EUR from 124.40 with stop placed at 124.05. If you are not long in EUR yet, then buy near 124.27 and use the same stop at 124.05.