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08.03.201609:24 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for March 8, 2016

Long-term review

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Wave summary:

There are no changes to our expectation. We still foresee a final rally higher to 126.24 that will end red wave c of the expanded flat correction and renewed downside pressure towards 119.90 and possibly even lower to 117.37.

The decline from a high of 149.79, reached in early December 2014, is finally nearing its end, but still has a little more downside to cover.

Trading recommendation:

We are looking for selling opportunities near 126.45 with stop placed at 127.45.

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