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    Elliott wave analysis of EUR/JPY for February 17, 2016 2016-02-16


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    Wave summary:

    We still expect a decline closer to the support line near 124.00 before a faster corrective rally can occur.

    In a short term, a break below 126.36 will confirm the expected downside pressure towards 124.00.

    Resistance is now seen at 127.36. This resistance will protect the upside for the break below 126.36.

    Trading recommendation:

    Short positions are recommended at 126.10 looking for a move lower to 124.00.

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