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    Elliott wave analysis of EUR/JPY for March 9, 2016 2016-03-09


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    Wave summary:

    A strong decline from 125.58 could indicate that wave b is already done and wave c lower to 119.90 and possibly even lower to 117.37 is developing now. To confirm that this is indeed the case, we still need to see a breakout below important short-term support at 123.07. A failure to break below this later support opens up for a possibility of a triple combination unfolding, but for now we have to go with evidence that calls for a wave-b top in place at the level of 125.58 and wave c developing towards 119.90.

    Trading recommendation:

    We missed our selling entry near 126.45 and will look for a new selling opportunity at 124.10 with stop placed at 124.75.

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