Elliott Wave Analysis of EUR/JPY for April 8 - 2016
We continue to look for a decline to 120.98 (red wave iii), where red wave iii will be 161.8% longer than red wave i. Once red wave iii is in place near 120.98 a correction/consolidation in red wave iv should be seen before the final decline in red wave v lower towards 117.37.
In the short term, a break below minor support at 122.95 will confirm the decline towards 120.98 to end red wave iii.
We are short in EUR from 127.35 and will move our stop lower to 124.70. Upon a break below 122.95 we will move our stop lower to 124.00. We will take profit at 121.05.
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