FX.co ★ Elliott wave analysis of EUR/JPY for March 11 - 2015

Technical summary:

The decline towards the ideal target at 125.98 unfolded as expected. In a short term, more downside bias should be seen after a minor setback towards 130.47 and even slightly higher to 131.25 before the next movement to 127.32 takes place. With a new low below the wave (iii) low at 130.14 all requirements to wave C has been fulfilled now and we should be aware of a bottom being in place at anytime now.

Trandig recommendation:

We are short EUR from 133.90 and will move our stop lower to 131.90. Look for the bottom to buy EUR.