Elliott Wave Analysis of EUR/JPY for May 19 - 2016
It should be just a matter of time before a new strong rally to 124.65 and higher towards 126.47 is seen. We still need a break above the important resistance at 126.47 to confirm that a long-term corrective bottom is in place at 121.46, but once this resistance is cleared, and we do believe it will be, then a rally back to 141.06 will be the first major upside target.
Short-term support is seen at 123.26 with back-up support seen at 122.93.
We are long in EUR from 123.10. We will move our stop to break-even. If you are not long in EUR yet, then buy EUR upon a break above 123.91 and use the same stop at 123.10.