FX.co ★ Elliott wave analysis of EUR/JPY for March 2 - 2015

Technical summary:

We are still looking for a clear break below support at 133.51 to confirm that wave (v) lower is indeed developing. In the short term, we will ideally see minor resistance at 134.27 which will protect the upside for a break below 133.51 for an acceleration towards 130.18. Only an unexpected break above resistance at 135.37 will indicate that an even more complex correction is unfolding in wave (iv).

Trading recommendation:

We are short EUR from 133.90 with stop placed at 135.20. If you are not short EUR yet, sell near 134.27 or upon a break below support at 133.64 with the same stop at 135.20.