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    Elliott wave analysis of EUR/JPY for May 20 - 2015


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    Technical summary:

    The correction from 136.96 is unfolding as an impulsive (5 waves) decline. That means the correction must be a simple zigzag correction. In the short term, we are looking for a break below minor support at 134.32 confirming the next decline lower to 133.27 and even lower to the 38.2% corrective target at 132.79. To indicate that this correction is over a break above 135.77 will be needed.

    The correction in wave (ii) is over and a new strong rally is expected in wave (iii).

    Trading recommendation:

    We sold EUR upon the break below 135.29 and are short from 135.27. We will move our stop lower to 135.65. Upon a break below support at 134.32, we will move our stop lower to 10 pips above the latest minor top.

    Uitgevoerd door, Analytische expert
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