FX.co ★ Elliott wave analysis of EUR/JPY for March 16 - 2015

Technical summary:

The expected decline towards the ideal target at 125.98 continues to unfold. Short-term support is found at 126.51 in a minor reaction to 128.32 before going lower to 125.98. As we approach the ideal downside target 125.98, we should begin to look for signs of a bottom.

Trading recommendation:

We are short EUR from 133.90 and have lower our stop to 129.10 with take profit at 126.25.