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    Elliott wave analysis of EUR/JPY for April 1 - 2015

    2015-04-01-EURJPY-4H.png

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    Technical summary:

    EUR/JPY continues to move lower, but we still need a break below important short-term support at 128.33 to confirm a new test of 126.87 and more importantly new lows near 125.98. In the short term, only a break above 130.41 will call for the expected downside pressure. A break above resistance at 131.41 is going to signal that a premature bottom is found at 126.87 and a new impulsive rally to above 149.55 is developing.

    Trading recommendation:

    We are short EUR from 129.85 and will keep our stop reverse at 130.40

    Uitgevoerd door, Analytische expert
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