Elliott wave analysis of EUR/JPY for April 28, 2021


EUR/JPY has finally broken above the resistance level of 130.67. It may rise to the next minor upside target near 132.16 and longer-term closer to the 135.66 target.

If we recap the long-term picture the 12- year [B]-wave triangle completed in May 2020 with the test of 114.20 and wave [C] is now in motion. Ultimately the ongoing wave [C] should eclipse the peak of wave [A] at 169.97. So, wave [C] still has a long way to cover. We are focused on the minor top that is expected near 132.16 for a temporary correction before the next push higher to 135.66 and ultimately a lot higher occurs.

Trading recommendation:

Long EUR-position should have been added near 129.60 or upon the break above 130.67 for the rally to 132.16, where some short-term profit could be taken for a temporary correction before higher again.

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