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    Elliott wave analysis of EUR/JPY for May 5, 2015


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    Technical summary:

    EUR/JPY is currently in a red wave iv correction towards the corrective target at 133.43, which will be the first estimated support. It will take a break above minor resistance at 134.21 and more importantly a break above resistance at 134.73 to confirm that red wave iv is over and red wave v towards 137.40 is unfolding. In the short term, look for a test of 133.43 and maybe even lower to 132.28 as long as minor resistance at 134.21 protects the upside.

    Trading recommendations:

    We are long EUR from 128.85 and will keep our stop at 132.75. If you are not long EUR yet, then buy a break above 134.21 with a stop 10 pips below the most recent low.

    Uitgevoerd door, Analytische expert
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