Short term Elliott Wave view in EUR/JPY suggests that cycle from 3/12 peak (122.89) is unfolding as a double three Elliott wave structure where Minor wave W ended at 119.28 and Minor wave X ended at 120.45. Minor wave Y is in progress and the internal is unfolding also as a double three Elliott wave structure where Minute wave ((w)) can be complete already at 117.8 and wave ((x)) bounce should correct cycle from 3/28 peak (120.445) before pair turns lower. As pair is showing a 5 swing bearish sequence from 3/12 peak as well as from 12/14/2016 peak, more downside is expected in the pair. We don’t like buying the proposed bounce and expect sellers to appear once wave ((x)) bounce is complete in 3, 7, or 11 swing provided that pivot at 3/28 high is intact in the first degree.

1 Hour EUR/JPY Elliott Wave Chart 04.04.2017