FX.co ★ Elliott wave analysis of EUR/JPY for February 18 - 2015

Technical summary:

The picture is pretty much the same. We continue to look for the final zig-zag correction from 130.14, which ideally should continue higher towards 137.65 before wave (iv) is over, and a wave (v) lower towards 125.98 is expected. In the short term only a direct break below support at 133.92 will indicate that wave (iv) already is over and wave (v) lower to end wave C of the expanded flat correction is developing.

Trading recommendation:

We will sell the euro at 137.55 or upon a break below 133.92.