Elliott Wave Analysis of EUR/JPY for April 19 - 2016
With yesterday's low at 121.69, we now have 11 overlapping waves lower from 141.06. A count of 11 overlapping waves is corrective and indicates a bottom could be close by or maybe even in place.
The corrective decline began at 149.55 in early December 2014 and has turned into a zig-zag (A-B-C) decline. Wave A declined from 149.55 to 126.05 and was followed by wave B from 126.05 to 141.06 and now we have wave C lower from 141.06 to ideally reach the 117.37 - 117.99 area from where a new strong rally to above 149.55 is expected.
Only an unexpected break above resistance at 128.22 will confirm that a corrective low has already been seen.
Our stop at 122.90 was hit for a nice little profit. We will stand aside for now.