FX.co ★ Elliott wave analysis of EUR/JPY for March 14, 2016

Wave summary:

After testing very strong resistance near 126.90, we are look for a breakout below minor support at 126.05 to confirm that wave b is over and wave c towards 119.90, and possibly even lower to 117.35, is developing.

It should just be a matter of time before we could see the peak of this b-wave rally and a new strong decline in wave c.

Trading recommendation:

We are short EUR from 126.79 with stop placed at 128.20. If you are not short yet, then sell now and use the same stop at 128.20 or sell on a break below support at 126.05.