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    Elliott wave analysis of EUR/JPY for March 30 - 2015


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    Technical summary:

    We are still looking for a break below support at 128.33 to confirm that a final decline closer to our long-term target at 125.98 is likely to be seen. At this point, only a break above 131.74 indicates that a bottom has already been found and a new impulsive rally is developing.

    In the short term, a break below minor support at 129.30 is going to call for a test of the important short-term support at 128.33 and confirms a new decline towards our long-standing target at 125.98 before the bottom gets in place.

    Trading recommendation:

    We are short EUR from 129.85 and will keep our stop at 130.40. If you are not short already, then sell a break below support at 129.30 with the same stop at 130.40.

    Uitgevoerd door, Analytische expert
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