FX.co ★ Elliott wave analysis of EUR/JPY for April 15, 2021

EUR/JPY has been correction since it saw a temporary peak at 130.67 in mid-March and ideally we will see this correction take a second dip closer to 128.61 however it's absolutely possible that this morphs into an ascending triangle and a break above 130.67 will call for a new impulsive rally in red wave v/ higher towards at least 132.16 and possibly even closer to 133.83 as the next real hurdle to conquer.

Support is currently seen at 129.80 and a break below here will call for the expected dip closer to 128.61 before higher again.

Trading recommendation:

Buy EUR near 128.61 or upon a break above 130.66 for a rally towards at least 132.16 and possibly even closer to 133.83