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Elliott wave analysis of EUR/JPY for March 31 - 2015

2015-03-31-EURJPY-4H.png


Technical summary:


As long as minor resistance at 131.51 protects the upside, we will be looking for more downside pressure. A break below support at 128.99 and more importantly a break below support at 128.33 will call for one final decline closer to 125.98 before the impulsive decline from 149.55 finally is over and a new impulsive rally can be expected. Only an unexpected break above 131.51 will indicate that wave C of the expanded flat correction, which we have been tracking since late December 2013 terminated at 126.87 and a new impulsive rally is already developing.


Trading recommendation:


We are short EUR from 129.85 with stop placed at 130.40. If you are not short EUR yet, then sell upon a break below 129.67 with the same stop.


The material has been provided by InstaForex Company - www.instaforex.com