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    Elliott wave analysis of EUR/JPY for February 9, 2016 2016-02-09

    2016-02-09-EURJPY-8H.png

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    Wave summary:

    We have already seen an expected corrective decline to 128.55 (the low has been 128.25). We are watching for signs that this corrective decline has run its course and a new impulsive rally to 141.04 and above is developing.

    To confirm that a low is in place, a breakout above the minor resistance at 129.69 will be needed, but it should send us higher to 132.32 en route to 141.04 and above.

    Trading recommendation:

    We bought EUR at 128.60 and have placed our stop at 127.60. If you are not long EUR yet, buy on a breakout above 129.69 and use the same stop at 127.60 expecting to move it higher quickly.


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