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    Elliott wave analysis of EUR/JPY for March 18 - 2015


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    Technical summary:We are still looking for a final decline towards the ideal target at 125.98. In the short term a break below minor support at 128.36 and, more importantly, a break below support at 128.03 will confirm that the final impulsive decline is developing. A decline to 125.98 will finish the impulsive decline from 149.55. It will mark wave C of the expanded flat correction that has been unfolding over the last three months. Resistance is now found at 129.16 which will protect the upside for the expected decline.Trading recommendation:Our stop at 129.10 was hit for a very nice profit. We will sell EUR here at 128.63 again with stop placed at 129.15 and will place take profit at 126.25.
    Uitgevoerd door, Analytische expert
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