EUR/JPY - Double zig-zag correction unfolding

EUR/JPY a double zig-zag correction is unfolding 

With the break below support at 135.73 it's clear that the rally to 141.22 was an X-wave and a second zig-zag correction is unfolding. The minimum target is at 133.52, which marks the 23.6% corrective target of the rally from 94.10 to 145.69, however, a more common target would be the 38.2% corrective target at 125.98. That said, the correction from 145.69 has taken a lot of time and corrections either use up price or time and in this case, time seems to be essential.

Short term strong resistance is now found at 137.07, which ideally will protect the upside for the decline to at least 133.52.  

Thomas
2014-05-28
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2014-06-23
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2014-05-27
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