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Elliott wave analysis of EUR/JPY for March 13 - 2015

2015-03-13-EURJPY-4H.png

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Technical summary:

We have seen the expected minor correction to 129.09. Now, we should see the next decline to 126.51 in blue wave v and red wave iii. This is the last part of the decline towards the ideal target at 125.98. It is likely to be choppy, as a series of wave three, four, and five is developing. In the short term, a break below minor support at 128.17 confirms the decline towards 126.51, which again should be followed by a minor correction that should stay below 129.00.

Trading recommendation:

It is time to protect your profit by closeing in your stop as much as possible. We will move our stop lower to 129.55 and when support at 128.17 breaks, we will move stop lower to 129.10. Take profit will stay at 126.25

Uitgevoerd door, Analytische expert
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