FX.co ★ Elliott wave analysis of EUR/JPY for April 29 - 2015

Technical summary:

Now, we see the expected break above 130.20. But a break above the base channel resistance-line near 131.00 is still needed to add acceleration higher to the extension target at 131.90. In the short term, we are ideally going to see support at 129.77 protecting the downside for the test. It is likely to break above the base channel resistance-line at 131.00 for acceleration higher to 131.90. It will take an unexpected break below support at 129.33 to cause concerns about the rally of the 126.02 low.

Trading recommendation:

We are long EUR from 128.85 and will move our stop higher to 129.25. If you are not long EUR yet, then buy EUR near 129.77 with the same stop at 129.25.