25.04.201606:05 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for April 25 - 2016

Long-term review

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Wave summary:

We continue to look for more upside pressure towards the 127.77 target as red wave iii. However, in the long term a strong test of the 128.22 high is expected and if this resistance breaks, then a long-term bottom at 121.69 will be confirmed and a return to strong resistance at 141.06 should be seen.

Short-term support is found at 124.27 and back-up support is seen just below at 124.09.

Trading recommendation:

We are long in EUR from 124.40 and will move our stop higher to 124.05. If you are not long in EUR yet, then buy near 124.27 and use the same stop at 124.05

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