FX.co ★ Elliott wave analysis of EUR/JPY for February 18, 2016

No change seen in the chart.

We keep looking for a continuation lower to 124.00 from where. A correction is expected. This correction could be pretty violent and move all the way higher to 130 from where the next decline closer to an ideal target at 119.90 is expected.

Short-term resistance is seen at 127.41, which is expected to protect the upside for the decline to 125.77 on its way lower to 124.00.

Trading recommendation:

We are short EUR from 126.10 watching for a decline closer to 124.00.