11.02.201508:28 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for February 11 - 2015

Long-term review

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Technical summary:

With the break above 135.36, we know that the correction from 130.14 has turned into a double zig-zag combination calling for a move higher towards 137.65 where wave y will be equal in length to wave w. In the short term, we will be looking for support in the 134.66 - 134.85 area for the next rally higher towards 137.65. Only a break below support at 133.64 indicates that the correction from 130.14 is over and the downside pressure has returned.

Trading recommendations:

Our stop at 135.40. We will look for a new EUR-selling opportunity at 137.55.

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