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

Wave summary:

Nothing new to add here. We still expect that the former support at 126.03 will act as resistance and protect the upside for renewed weakness towards 122.06 on the way lower to 119.90.

Only an unexpected break above resistance at 126.70 will invalidate the bearish outlook for a move slightly above 127.27 before sliding lower again.

Trading recommendation:

We are short EUR from 126.79 with stop placed at 126.75. Sell EUR near 126.03 and use the same stop at 126.75.