FX.co ★ Elliott wave analysis of EUR/JPY for April 28 - 2015

Technical summary:

We keep looking for support near 128.75 to protect the downside for a break above the minor top at 130.20 and more importantly the base channel resistance-line, which should add acceleration to red wave iii for a rally towards 131.90. A break below 128.75 will be of concern, but only a break below the support at 127.83 will invalidate the bullish count and leave an impression of a corrective rally from a low of 126.02.

Trading recommendation:

We are long EUR from 128.85 and will our stop higher to 128.55. If you are not long EUR yet, then buy near 128.75 or upon a break above 130.20 with the same stop at 128.55.