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Elliott wave analysis of EUR/JPY for March 3 - 2016 2016-03-02


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Wave summary:

The break above the minor resistance-line from 131.66 is yet another good indication that wave c of the expanded flat correction now is unfolding. The ideal target for wave c is seen at 125.63, from where the risk again will turn towards the downside. That does not mean a turn will be seen, but at that point all requirements to the expanded flat will have been fulfilled.

Trading recommendation:

We are long EUR from 122.80 and will move our stop higher to 123.18 and place take profit at 125.50.

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