The EUR/JPY pair has corrected back 50% of the January bull correction and is attempting to rally back up to the 102.20 highs. The elliot wave's are showing a probable wave 4 ended and 5 up starting now. There may be a pull-back to trend-line support at 100.25 before the move up; a decisive break of the 100.87 spike highs would provide confirmation. The 50-day MA is at 101.00 however, and  could spoil the party; with a break below the swing lows at 99.92 signalling a probable resumption of the bear trend lower and 98.39 targeted thereafter.

Analysis prepared by:

Joaquin Monfort
Forex4you analyst