Elliott Wave Analysis of EUR/JPY for April 22 - 2016
The red wave ii correction turned out to be an expanded flat correction, which tells us to expect an extended rally in red wave iii. This means a rally to at least 127.77 and possibly much higher as red wave iii gathers momentum.
In the short term, we should see support at 123.77 protect the downside for a break above resistance at 124.96 confirming the rally higher to 127.77 and above.
We missed the entry at 123.25, but did instead buy at 124.40 and will place stop at 123.30. If you are not long in EUR yet, then buy upon a break above 124.96 and use the same stop at 123.30 expecting to move it higher shortly.
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