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23.02.201606:45 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for February 23, 2016

Long-term review

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Wave summary:

With a low at 123.69, our ideal target for wave a at 124.00 has been reached. Now , we will be looking for signs of wave b taking over for a rally back towards the channel resistance-line near 130.00. Just a word of caution is in place for wave b. It does not have to rally all the way back to 130.00 as it easily could find a top near strong resistance of 127.40.

In the short term, a breakout above 124.62 will be the first indication that wave b is unfolding, while a breakout above 125.00 will confirm that wave b is in progress.

Trading recommendation:

Our take profit at 124.25 was hit for a nice profit. We will but EUR here at 124.00 and place stop at 123.65 for a rally to at least 127.40.

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