Elliott Wave Analysis of EUR/JPY for April 20 - 2016
The rally of the 121.69 low has been stronger than expected and displayed impulsive characters indicating that a bottom could be in place. If this is the case, then the coming decline from the 124.40 high will be in three waves and will halt above the 121.69 low for a new rally above 124.40 calling for a rally to above 128.22.
Only a break back below 121.69 will reinstate the 117.37 - 117.99 area as the final target zone.
We are neutral, but we will sell EUR here at 123.82 and place stop at 124.25.