Elliott Wave Analysis of EUR/JPY for April 28 - 2016
EUR/JPY only reached 126.47 before collapsing as the Bank of Japan announced no change after its meeting today. That disappointed the market and sent the cross pair strongly lower. Despite the collapse, this decline is "only" regarded as red wave ii and should find support in the 121.71 - 122.57 area for the next rally higher in red wave iii.
To confirm that a long term bottom was seen at 121.69, we will need a break above short-term important resistance at 128.22.
Trading recommendation: Stop hit. Will re-buy EUR at 122.85 with stop placed at 121.65.
The material has been provided by InstaForex Company - www.instaforex.com