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

Wave summary:

There is a rally; nothing new to add here. We continue to expect minor resistance at 126.70 will protect the upside for a break below minor support at 125.05 calling for renewed downside pressure towards 122.06 and lower to 119.90.

A break above 126.70 will delay the expected downside pressure for a move higher to slightly above 127.27.

Trading recommendation:

We are short in EUR from 126.79 with stop placed at 126.75. If you are not short in EUR yet, then sell a break below 125.05 and use the same stop at 126.75.