Elliott Wave Analysis of EUR/JPY for March 30 - 2016
Resistance at 127.27 was not able to protect the upside, which calls for a more complex double zig-zag combination unfolding. Wave c of the second zig-zag is currently unfolding and the wave equality between waves a and c will call for a rally higher to 128.91 to end wave iv and turn prices lower in wave v.
Support is now seen at 126.64 which ideally will protect the downside for the next rally above 127.45 for a move higher towards 128.91.
We are long in EUR from 127.35 and will start placing our stop at 125.85 expecting to raise it soon.
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