By: Fadi Steitie
Trend Expected Direction: Down
Method: Elliott Waves and Fibonacci Levels
Description: Technically speaking on EUR/JPY chart, a larger Zigzag drop started on 1st of April 2012 at 111.00 level where wave (A) ended on 16th of April at 104.670 and bounced back to form wave (B). Trend already proceeded with final wave (C) with a good milestone crossed minor waves i through iii and left extended wave v that expected to take off sometime next week after trend tests 106.00 level. I suggest traders/readers to keep a close eye on 106.00 level and short currency once within the range for further drop.
Recommendation: Sell and hold near 106.00 level
Target Area: Open
Stop Loss: 106.700