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26.03.201507:01 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for March 26 - 2015

Long-term review

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Technical summary:

As long as resistance at 131.74 protects the upside, our preferred count shows that a final decline closer to 125.98 is still expected. However, if resistance at 131.74 is cleared, we will shift our count to the bullish count that indicates that a firm bottom is already in place at 126.87. Resistance at 131.74 has protected the upside for now and we will be looking for a break below minor support at 130.31 and more importantly a break below 129.26 adding confidence to the call for a final decline closer to 125.98.

Trading recommendation:

We are neutral, with a EUR sell-order placed at 129.85 and a EUR buy-order placed at 131.80 (one order done cancels the other).

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