Weekly Outlooks April 18th 2010
EURJPY
Could be in the midst of making a bottom based on recent price action however based on weekly Elliot wave count there is potential that wave 4 is complete and wave 5 is next to new lows.
Make or break right now is 121.055.
Buy dips into 61.8 and 82 weekly fib levels with a stop at 121.
Caution is noted because the daily trendline (TL) broke but the market did not close below TL.
Market may range between 123 and 127.
A close on the daily below 121 gives us first target level of wave 5 of 118.84.
A close above 128 exposes 132 and may attack 134.
Remember this is just “One Man’s Opinion”
