Elliott Wave Analysis of EUR/JPY for April 27 - 2016
We continue to look for more upside pressure towards 127.77 in red wave iii. In the long term, much higher highs are expected as the large correction from 149.55 most likely ended with the test of 121.69 and a new impulsive rally to above 149.55 is now expected.
Short-term support is seen at 124.64, which we expect will protect the downside for a break above minor resistance at 126.00 for a rally towards 127.77.
We are long in EUR from 124.40 and will move our stop higher to 124.60 securing a small profit. If you are not long in EUR yet, then buy near 125.20 and use the same stop at 124.60.
The material has been provided by InstaForex Company - www.instaforex.com