FX.co ★ Elliott wave analysis of EUR/JPY for February 2, 2016

Wave summary:

We continue to look whether the resistance line of 141.06 keeps on protecting the upside or it will be broken. Whatever happens here will decide trade for the next couple of weeks. For now, it looks like a minor consolidation just below the resistance line near 122.00. If that's the case, a stronger test of this resistance line should be expected soon. If, however prices begins to tilt lower, as we saw in December, October, and August, a new decline towards important support at 126.05 should be expected.

Trading recommendation:

We will stay sidelined until the faith of the resistance line will be determined.