FX.co ★ Elliott wave analysis of EUR/JPY for April 24 - 2015

Technical summary:

A rally from a low of 126.02 continues to unfold as expected. We are looking for a break above the base channel resistance-line near 130.00 to add acceleration towards a target at 131.90, where red wave iii will be 161.8% longer than red wave i. In the short term, we expect minor support at 128.57 to be able to protect the downside.

We are only in the very beginning of, what we believe, is a new major impulsive rally that ultimately will take us way beyond the high of 149.55.

Trading recommendation:

We are long EUR from 128.85 and will move our stop higher to 127.80. If you are not long EUR yet, then buy near 128.57 with the same stop at 127.80