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    Elliott wave analysis of EUR/JPY for May 2 - 2016 2016-05-02


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    Wave summary:

    EUR/JPY has broken below the important support at 121.69 (a low has been seen at 121.66). The break below 121.69 does open a window for a decline all the way to the 117.37 - 117.99 area before the corrective low is finally in place. That said, we are seeing a clear loss of momentum which could mean that at least a reaction will be seen soon for a rally to 123.32 and maybe even higher to 124.60 before the final decline.

    It will take a break above 126.47 to confirm that an important low is in place.

    Trading recommendation:

    We are long in EUR from 122.85 with stop placed at 121.65.

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