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18.04.201605:41 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for April 18 - 2016

Long-term review

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Wave summary:

On Friday, we saw a failure to break clearly below 122.54 indicating that a fifth wave failure has been seen for red wave [v] and red wave [iii]. However, we expected resistance at 123.66 would protect the upside for another run towards the downside and a break below 122.54. We saw a corrective high at 123.57 for red wave iv and today, we have seen a clear break below the 122.54 low. With the first support at 121.75 already broken, we should expect more downside towards the next support at 120.44.

Trading recommendation:

We are short in EUR from 123.76 and will move our stop lower to 122.90 and will place our take profit at 120.50.

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