Elliott wave and technical analysis on EUR/JPY

EUR/JPY (weekly) - My long term count shows, that we most likely ended wave 2 or B at 97.01 in mid-January 2012 and that we are in the very beginning of a new major up-leg, which should last at least a couple of years.
To confirm that we have really begun this major new upswing I would like to see resistance at 111.52 broken and more importantly I would like to see the resistance-line which is currently near 113.50 broken.

EUR/JPY (daily) - First see my last post regarding EUR/JPY here: http://theelliottwavesufer.blogspot.com/2012/02/eurjpy-has-meet-its-shs-target.html

Today we have seen the February 27 high at 109.89 broken with just a small fraction as the new high have been 110.14, but this break could easily be a failure break (please see my previous post)

That leave us with a nice five wave rally from 97.01. The Inverse S/H/S target is more than reached and we have a clear negative divergence on the daily MACD and RSI indicators all call for a wave 2 correction to begin soon.

The coming wave 2 will ideally reach the 102 - 103.60 area before the next rally higher in wave 3 takes hold.

EUR/JPY (Hourly) - Here too we have a massive negative divergence on the indicators and we can easily count the five wave rally up from 97.01 calling for wave 2 to begin soon or it has already begun.

This is not the time to enter long positions in EUR ag. JPY.

If my count in USD/JPY is correct (see my last short term view here: http://theelliottwavesufer.blogspot.com/2012/03/elliott-wave-and-technical-analysis-on_15.html) then the expected decline in EUR/JPY will only be possible if we see a nice decline in EUR/USD soon, but it could also be, that wave iii in USD/JPY doesn't reach the area between 85.60 - 86.60, but that instead is the target for wave 1 for the rally of 75.51. Time will show which is right...