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    Elliott wave analysis of EUR/JPY for May 3 - 2016 2016-05-03


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    Wave summary:

    The extremely erratic decline from 141.06 could have bottomed at 121.66, but if this is the case, then a break above minor resistance at 122.95 should be seen soon and, more importantly, a break above resistance at 124.04 will confirm the low for a new rally back to 126.47.

    That said, we have to be aware of the possibility of more downside pressure to below 121.66 for a move closer to 117.99 as long as minor resistance at 122.95 is able to protect the upside.

    Trading recommendation;

    We are long in EUR from 122.95 with stop placed at 121.65. If you are not long in EUR yet, then buy a break above 122.95 and use the same stop at 121.65 expecting to move it higher soon,

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