FX.co ★ Elliott wave analysis of EUR/JPY for February 16, 2016

Wave summary:

The break below 126.14 has changed the medium-term outlook towards the downside for a test of 119.90 before a bottom should be expected. We look for a move lower towards support near 124.00 in a short term, which is likely to be followed by a corrective rally higher to 130.00.

That said, we are in a very complex corrective decline from 141.04 so it's quite difficult to predict the path of the furture price action.

Trading recommendation:

Long positions are recommended from 126.10 looking for a decline to at least 124.00.