FX.co ★ Elliott wave analysis of EUR/JPY for January 9, 2015

Technical summary;

The correction we were looking for ended at 142.73 against our ideal target at 142.78 before turning lower again towards the ideal downside target at 140.12. Once the ideal downside target at 140.12 has been tested, we think the risk will shift towards the upside for a new impulsive rally to above the top at 149.78, but first let's focus on finishing the downside near 140.12.

Trading recommendation:

We will buy EUR at 140.25 with a stop placed at 139.60.