FX.co ★ Elliott wave analysis of EUR/JPY for February 15, 2016

Wave summary:

We continue to expect minor resistance in the area of 128.25 - 128.50 to protect the upside for a next decline towards 124.00 and maybe even lower.

In the longer term, a breakout below important support at 126.05 calls for a deeper correction to 119.90 before the long-term correction is finally over.

Trading recommendation:

We are short EUR from 126.10, looking for a decline towards at least 124.00 and even lower to 119.90 in the longer term.