FX.co ★ Elliott wave analysis of EUR/JPY for March 15 - 2016

Wave summary:

The break below minor support at 126.03 is the first strong indication that the corrective wave b terminated at 127.27 and wave c now is developing for a decline to 119.90 and maybe even lower to 117.35.

In the short term, the former support at 126.03 now acts as resistance for a continuation lower to 123.01 and below here confirms the decline to 119.90 and maybe lower.

Trading recommendation:

We are short EUR from 126.79 and will move our stop lower to 126.75. If you are not short EUR yet, then sell near 126.03 and use the same stop.