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    Elliott wave analysis of EUR/JPY for February 8, 2016 2016-02-08

    2016-02-08-EURJPY-8H.png

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    Wave summary:

    We continue to look for a slightly deeper correction towards 128.55 to end wave ii and set the stage for a strong rally in wave iii higher through resistance at 132.32 for a rally towards at least 138.30 and higher to 141.04.

    In the short term, we expect minor resistance at 131.02 to protect the upside for a breakout below minor support at 130.04 calling for the expected corrective decline to 128.55.

    Only a direct breakout above 131.66 will indicate that the corrective decline is already over and the rally towards 138.31 is developing.

    Trading recommendation:

    We are looking for a EUR buying opportunity at 128.60 or upon a breakout above 131.66.


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